Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in large-capitalization global equity securities, global equity ETFs (or a combination of other ETFs that together provide global equity market exposure), and futures contracts that provide the Fund with exposure to the performance of the U.S. Treasury bond market. In addition, the Fund will hold U.S. Treasury bills and other high-quality securities as collateral for the futures contracts as well as to generate income. The Fund uses leverage to stack the total return of holdings in the Funds global equity strategy together with the potential returns of the Funds U.S. treasury futures contract strategy. Essentially, one dollar invested in the Fund provides … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in large-capitalization global equity securities, global equity ETFs (or a combination of other ETFs that together provide global equity market exposure), and futures contracts that provide the Fund with exposure to the performance of the U.S. Treasury bond market. In addition, the Fund will hold U.S. Treasury bills and other high-quality securities as collateral for the futures contracts as well as to generate income. The Fund uses leverage to stack the total return of holdings in the Funds global equity strategy together with the potential returns of the Funds U.S. treasury futures contract strategy. Essentially, one dollar invested in the Fund provides approximately one dollar of exposure to the Funds global equity investments and approximately one dollar of exposure to the Funds U.S. Treasury futures strategy. So, the return of the U.S. Treasury futures strategy (minus the cost of financing) is essentially stacked on top of the returns of the global equity strategy. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in (a) global equity securities and ETFs that, in the aggregate, provide exposure to the global equity markets, and (b) U.S. Treasury future contracts that provide the Fund with indirect exposure to the performance of the U.S. treasury bond market. Global Equity Exposure: The Fund may invest in the equity securities of companies located throughout the world (e.g., in the United States, other developed markets (e.g., Europe), and emerging markets). Under normal conditions, the Fund will invest at least 40% of its assets (unless market conditions are not deemed favorable, in which case the Fund would invest at least 30% of its assets) in companies in multiple countries outside of the Unites States (i.e., non-U.S. companies). In determining whether a company is a U.S. or non-U.S. company, the Funds sub-adviser, Newfound Research, LLC (the Sub-Adviser) primarily considers the location of the principal trading market for the companys common stock, and may also consider other metrics, such the location of the companys corporate or operational headquarters or principal place of business. The Sub-Adviser will seek to construct the Funds global equity portfolio to reflect the overall global equity markets on a market capitalization weighted basis. To do so, the Fund will invest in global equity ETFs (which are ETFs that invest primarily in the equity securities of companies located throughout the world), other broad-based ETFs that provide exposure to the global equity market, individual equity securities, and equity index futures contracts. For example, rather than hold a global equity ETF, the Fund may: Hold multiple ETFs that, together, provide similar exposure (e.g., a combination of U.S. equity ETFs, international equity ETFs, and emerging markets ETFs); Hold individual securities that, together, provide similar exposure (e.g., through a basket of securities representing the underlying holdings of a global equity ETF); Hold equity index futures contracts that, together, provide similar exposure; or Employ a combination of the above holdings, so the aggregated investment provides similar exposure. The Funds investment in global equity ETFs (or a combination of ETFs, individual securities providing global equity market exposure) will generally comprise between 75% and 80% of the Funds portfolio. The remaining exposure to global equities will generally be achieved through equity index futures. The equity index futures may be linked to leading indices from developed, emerging, and global markets. U.S. Treasury Futures Exposure: To provide the Fund with exposure to performance of the U.S. Treasury bond market, the Fund will invest in U.S. Treasury future contracts, which are contracts for the purchase and sale of U.S. government notes or bonds for future delivery. The Fund will invest in futures contracts on U.S. Treasuries with maturities ranging from 2 to 30 years, with a target duration of 2 to 8 years. Under normal circumstances, the Funds aggregate U.S. Treasury futures contracts position will represent a notional exposure (i.e., the total underlying amount of exposure created by a derivatives trade) of approximately 100% of the Funds net assets. Note: Notional value is the total underlying amount of a derivatives trade. Leverage allows an investor (like the Fund) to use a small amount of money to theoretically control a much larger amount. So, notional value reflects the total value of a trade, not the cost (or market value) of taking the trade. Futures contracts have a limited lifespan before they expire (e.g., quarterly). The Fund will frequently roll-over futures contracts - replace an expiring contract with a contract that expires further in the future. As a result, the Funds portfolio will be subject to a high portfolio turnover rate. Collateral U.S. Treasury Futures: The Fund expects to invest approximately 0% to 25% of its net assets in U.S. Treasury bills, money market funds, cash, and cash equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality, as the Adviser or Sub-Adviser determines), that provide liquidity, serve as margin or collateralize the Funds investments in futures contracts. Show less