Strategy. The Fund seeks to meet its objective by actively managing and allocating its assets in investments that provide exposure across various asset classes (including equities, bonds and other debt instruments, commodities, and currencies), with a focus on maximizing returns over rolling 12-month horizons while seeking to avoid drawdowns or peak-to-trough declines in the Funds net asset value exceeding 15%. The Fund will invest primarily in exchange-traded funds (ETFs) but may also invest directly in the equity and debt securities of individual issuers. The Fund will also use options for hedging and investment purposes. To achieve the Funds investment objective, the Adviser implements an integrated investment approach that combines extensive quantitative analysis of eligible securities with primarily rules-based methods of sizing … Show more… The Fund seeks to meet its objective by actively managing and allocating its assets in investments that provide exposure across various asset classes (including equities, bonds and other debt instruments, commodities, and currencies), with a focus on maximizing returns over rolling 12-month horizons while seeking to avoid drawdowns or peak-to-trough declines in the Funds net asset value exceeding 15%. The Fund will invest primarily in exchange-traded funds (ETFs) but may also invest directly in the equity and debt securities of individual issuers. The Fund will also use options for hedging and investment purposes. To achieve the Funds investment objective, the Adviser implements an integrated investment approach that combines extensive quantitative analysis of eligible securities with primarily rules-based methods of sizing portfolio positions. The Funds strategy emphasizes longer-term drivers of expected returns identified by the Advisers proprietary research, controlling risks through broad diversification across asset classes and sectors. The Advisers capital allocation and trading processes balance these longer-term expected returns with shorter-term assessments of investment opportunity and peril. The Adviser utilizes a quantitatively oriented, regime-based framework that seeks to identify macroeconomic themes by measuring and mapping rate-of-change data for both growth and inflation, while considering monetary policy biases. Commonly known as Hedgeye Risk Management, LLCs (Hedgeye or HRM) Quad model, this framework is designed to provide guidance on where economies as well as asset prices are likely to trend over coming quarters and how central bank policies may respond to these conditions. The Advisers internal research and analysis leverages insights from diverse sources, including external research, to develop and refine its investment themes and identify and take advantage of trends that have ramifications for individual companies or entire industries. There are no pre-defined limits for allocating portfolio assets to any particular region or regions. Rather, the Adviser will allocate capital based on the Advisers judgment and outlook over 12-month rolling periods as informed by the Hedgeye Quad Model. The Fund will gain exposure to non-U.S. markets primarily through U.S.-listed ETFs with exposure to the desired foreign market or markets. The Fund may use derivatives, such as options, to manage exposure to various asset classes and markets based on actual or expected cash inflows to or outflows from the Fund. The Funds options overlay strategy seeks to hedge against downside risk (with a goal of minimizing peak-to-trough drawdowns to no more than 15%), to gain exposure to certain asset classes or economic regions, or to enhance returns. The Fund may also engage in securities lending. The Fund is classified as non-diversified under the Investment Company Act of 1940 (the 1940 Act), which means that it may invest more of its assets in a smaller number of issuers than diversified funds. Show less