Strategy. The Fund is an actively-managed exchange-traded fund of funds and seeks to achieve its objective by investing primarily in other registered investment companies, including primarily in unaffiliated actively-managed exchange-traded funds (ETFs) and index-based ETFs (collectively, Unaffiliated Underlying Funds), that provide exposure to a broad range of asset classes. The Fund may also invest in affiliated actively managed ETFs (Affiliated Underlying Funds, and together with Unaffiliated Underlying Funds, the Underlying Funds), including the Leuthold Select Industries ETF. The Fund will not invest more than 25% in any Underlying Fund. The Underlying Funds may invest to obtain long or short exposure to equity securities of U.S. or foreign companies; debt obligations of U.S. or foreign companies or governments; or investments such as … Show more… The Fund is an actively-managed exchange-traded fund of funds and seeks to achieve its objective by investing primarily in other registered investment companies, including primarily in unaffiliated actively-managed exchange-traded funds (ETFs) and index-based ETFs (collectively, Unaffiliated Underlying Funds), that provide exposure to a broad range of asset classes. The Fund may also invest in affiliated actively managed ETFs (Affiliated Underlying Funds, and together with Unaffiliated Underlying Funds, the Underlying Funds), including the Leuthold Select Industries ETF. The Fund will not invest more than 25% in any Underlying Fund. The Underlying Funds may invest to obtain long or short exposure to equity securities of U.S. or foreign companies; debt obligations of U.S. or foreign companies or governments; or investments such as commodities, volatility indexes and managed futures. The Fund allocates its assets across asset classes, geographic regions, and industries, subject to certain diversification and liquidity considerations, with the goal of selecting those investments with the greatest opportunity to offer both capital appreciation and income opportunities for the Fund. Th e Funds investments in foreign countries may include exposure to emerging markets. The Fund generally defines emerging market countries as countries that are not included in the MSCI World Index of major world economies. The Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through sector selection. Pursuant to this approach, the investment adviser believes that as shifts among industry sectors in the equity market have become more dramatic, sector selection has become an important aspect in determining investment performance. The investment adviser considers a sector to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. Examples include Information Technology, Health Care, and Consumer Discretionary. The investment adviser continuously updates its investment discipline and adjusts the Funds portfolio as necessary to keep the Fund invested in sectors which the Adviser believes are the most attractive. In implementing its investment approach , the Adviser uses a proprietary model that evaluates sectors, groups and individual ETFs using a number of factors. Factors evaluated under the model include: ? Economic conditions : monetary factors, inflation and interest rate levels and trends, and investor confidence ? Technical : measures of equity performance that differentiate groups that have outperformed versus underperformed ? Relative Value : finding undervalued industries and groups relative to their fundamentals, such as earnings, sales, cash flow book value ? Growth : industry groups with the ability to persistently grow earnings and revenues ? Profitability : industries that generate a high degree of consistent profitability ? Very Long Momentum : identify through securities price action industries that are overbought or oversold ? Capital Discipline : companies that have favorable debt to equity ratios. Section 12(d)(1) of the Investment Company Act of 1940, as amended (the 1940 Act) restricts investments by registered investment companies in the securities of other investment companies. Registered investment companies are permitted to invest in another registered investment company beyond the limits set forth in Section 12(d)(1), subject to certain SEC rules, including Rule 12d1-4. Rule 12d1-4 allows, subject to certain conditions, a Fund to invest in other registered investment companies and other registered investment companies to invest in a Fund beyond the limits contained in Section 12(d)(1) of the 1940 Act. In order for a registered investment company to invest in shares of a Fund beyond the limitations of Section 12(d)(1), the registered investment company must comply with certain terms and conditions set forth in Rule 12d1-4, including entering into an agreement with the Fund (other than a registered investment company managed by Adviser) . The Fund expects that, under normal market conditions, the Funds net assets will be invested approximately: ? 30% to 70% in Underlying Funds that principally invest in common stocks and other equity securities (such Underlying Funds may invest principally in specific sectors of the economy, such as healthcare, financials, real estate, and energy or in broader swaths of domestic, foreign, or global equity markets); ? 10% to 70% in Underlying Funds that principally invest in bonds and other debt securities (other than money market instruments); and ? 0% to 20% in Underlying Funds that principally invest in cash or cash equivalent investments, including money market instruments. The Adviser may, in its judgment of the potential returns and risks of each asset class, elect to invest outside of these typical ranges. Underlying Funds that invest in bonds and other debt securities may invest in U.S. government debt, sovereign debt, U.S. and foreign corporate debt, high-yield debt (also known as junk bonds), U.S. government agency issued mortgage debt, structured debt, and U.S. government agency issued asset-backed securities (including commercial mortgage-backed securities and residential mortgage-backed securities) . Such Underlying Funds may hold debt denominated in U.S. dollars or foreign currencies. The Fund has no limitation on the range of maturities or credit quality of the debt , or the class or tranche of mortgage-backed securities, in which Underlying Funds may invest. High-yield debt is generally considered speculative because it presents a greater risk of loss, including default, than higher quality debt securities. Underlying Funds used for real estate exposure may invest some or all of their assets in real estate investment trusts (REITs), and Underlying Funds used for energy exposure may invest some or all of their assets in master limited partnerships (MLPs). In addition to the Underlying Funds, the Fund may invest in non-investment company exchange-traded products such as Exchange-Traded Notes (ETNs) and MLP's (together with the Underlying Funds, Underlying Investments). ETNs are debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. Exchange-traded MLPs are limited partnerships in which the ownership units are publicly traded. MLP units are registered with the SEC and are freely traded on a securities exchange or in the over-the-counter market. The Fund may invest up to 20% of its total assets in Underlying Investments that invest some or all of their assets in volatility indexes, managed futures, and commodities such as oil, agriculture, livestock, industrial metals, and precious metals such as gold or silver. Commodity Underlying Investments may also use derivatives, such as futures, options, and swaps. The Fund may engage in short sales of equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short. The Fund will invest in Underlying Investments that may include the following equity strategies: ? Large, mid, or small capitalization common stocks; ? Growth stocks, value stocks, or cyclical stocks; ? Aggressive stocks or defensive stocks; ? Stocks in any industry or sector; ? Stocks in emerging and less developed markets; ? Common stocks of foreign issuers; and ? Options. Leuthold Weeden Capital Management (referred to as the Adviser) selects specific Underlying Investments based on an evaluation of their market exposure, liquidity, cost, and historic tracking error relative to their underlying index or benchmark. The Adviser continuously updates its investment discipline and adjusts the Funds portfolio as necessary to keep the Fund invested in Underlying Investments which the Adviser believes are the most attractive. Such adjustments may result in high portfolio turnover. Show less