Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets in instruments that derive their value from the performance of commodities. These include exchange-traded commodity futures contracts, exchange-traded and over-the-counter (OTC) commodity-linked instruments, and pooled investment vehicles, including exchange-traded products (ETPs) that provide exposure to commodities (Commodity Instruments) and Cash and Fixed Income Investments (as defined below). For purposes of this policy, the term assets means net assets plus the amount of any borrowings for investment purposes. The Fund does not invest in commodities directly. Commodities are assets that have tangible properties, such as oil, metals and agricultural products. The value of … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets in instruments that derive their value from the performance of commodities. These include exchange-traded commodity futures contracts, exchange-traded and over-the-counter (OTC) commodity-linked instruments, and pooled investment vehicles, including exchange-traded products (ETPs) that provide exposure to commodities (Commodity Instruments) and Cash and Fixed Income Investments (as defined below). For purposes of this policy, the term assets means net assets plus the amount of any borrowings for investment purposes. The Fund does not invest in commodities directly. Commodities are assets that have tangible properties, such as oil, metals and agricultural products. The value of Commodity Instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes or political and regulatory developments. The Fund will seek to provide exposure to commodities from the following five sectors: energy, precious metals, industrial metals, agriculture and livestock. The Adviser considers various inputs to guide asset allocation decisions and select Commodity Instruments that the Adviser believes will offer enhanced risk-adjusted returns. The term risk-adjusted returns does not imply that the Adviser employs low-risk strategies or that an investment in the Fund should be considered a low-risk or no risk investment. The Adviser seeks to maximize risk-adjusted returns through an optimization process that incorporates observed risks of each Commodity Instrument. Additionally, the Adviser may consider other factors, such as roll yield, price momentum and other discretionary factors of each Commodity Instrument to allocate the Funds portfolio to Commodity Instruments with the highest expected risk-adjusted returns. The term roll yield refers to either the positive or negative returns generated from rolling futures contracts. The term price momentum refers to the rate of acceleration of a securitys price. The Adviser will then determine which Commodity Instruments the Funds assets should be allocated to and the appropriate portfolio weights. Therefore, the Funds portfolio allocation will vary over time in the Advisers sole discretion and the Fund may not have economic exposure to a particular commodity at any given time. The Fund will invest in certain Commodity Instruments through a subsidiary (the Subsidiary), an exempted limited company organized under the laws of the Cayman Islands. The Subsidiary is wholly owned and controlled by the Fund and is advised by the Adviser. The Funds investment in the Subsidiary will generally not exceed 25% of the value of the Funds total assets at each quarter-end of the Fund's fiscal year. The Fund's investment in the Subsidiary generally provides the Fund with exposure to Commodity Instruments within the limits of the federal tax laws, which limit the ability of investment companies like the Fund to invest directly in such instruments. The Subsidiary has the same investment objective as the Fund and will follow the same general investment policies and restrictions except that, unlike the Fund, it may invest without limit in Commodity Instruments. The Fund expects to invest its assets in any one or more of the following to provide liquidity, serve as margin or collateralize the Funds investments in certain Commodity Instruments: U.S. Treasuries, other U.S. government obligations, money market funds and funds that invest in short-term bonds, cash and cash-like equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality, as the Adviser determines), mortgage-backed securities issued or guaranteed by U.S. government agencies, instrumentalities or sponsored enterprises of the U.S. government (whether or not the securities are U.S. government securities) (together, "Agency MBS"), municipal debt securities, Treasury inflation-protected securities, sovereign debt obligations of non-U.S. countries, and repurchase agreements (the Cash and Fixed Income Investments). Except as noted, for purposes of this Prospectus, references to the Funds investment strategies and risks include those of its Subsidiary. The Fund complies with the provisions of the Investment Company Act of 1940, as amended (the Investment Company Act of 1940), governing investment policies (Section 8) and capital structure and leverage (Section 18) on an aggregate basis with the Subsidiary. The Subsidiary will comply with the Investment Company Act of 1940 provisions governing affiliated transactions and custody of assets. The Fund may engage in active and frequent trading of portfolio holdings. Show less