Strategy. The Fund's investment adviser seeks to achieve the Fund's investment objective by investing primarily in exchange-traded funds ("ETFs") that each invest primarily in common stocks (Long ETFs). The adviser selects ETFs without restriction as to, capitalization or currency of the common stock issuers held by each ETF. The adviser selects ETFs that it believes have above-average liquidity and historical performance. This is an actively managed Fund. When the adviser believes market conditions are favorable, the Fund invests in ETFs that invest primarily in large cap companies (those with a market capitalization of at least $10 billion) and invests its remaining assets in ETFs that invest primarily in mid-cap companies (over $4 billion to less than $10 billion) and small-cap companies … Show more… The Fund's investment adviser seeks to achieve the Fund's investment objective by investing primarily in exchange-traded funds ("ETFs") that each invest primarily in common stocks (Long ETFs). The adviser selects ETFs without restriction as to, capitalization or currency of the common stock issuers held by each ETF. The adviser selects ETFs that it believes have above-average liquidity and historical performance. This is an actively managed Fund. When the adviser believes market conditions are favorable, the Fund invests in ETFs that invest primarily in large cap companies (those with a market capitalization of at least $10 billion) and invests its remaining assets in ETFs that invest primarily in mid-cap companies (over $4 billion to less than $10 billion) and small-cap companies ($1 to $4 billion). The Funds investments may be in foreign developed and emerging markets and may be focused on one or more countries. ETFs may be sector-based, which may cause the Funds holdings to be concentrated in a particular sector, and may also be leveraged. A leveraged ETF is designed to produce daily returns, before the effect of fees and expenses, that are a multiple of the daily returns of a reference index. When the adviser believes market conditions are unfavorable, it may allocate a portion of the Funds assets to cash equivalents or to inverse ETFs. An inverse ETF is designed to produce daily returns, before the effect of fees and expenses, that are the opposite of the daily returns of a reference index. The adviser allocates assets among economic sectors, capitalization categories and countries using its quantitative and factor-based strategy. The primary factors used are momentum, price trend, trading volume, and directional movement. This technology is intended to evaluate volatility and enhance risk mitigation. The adviser's strategy also includes, as inputs, more traditional techniques such as technical analysis and macro-economic analysis. Technical analysis is the study of an index's or a security's past prices and trading volumes for the purpose of forecasting price trends. Macroeconomic analysis focuses on economic indicators, business cycles, wars, and industry/sector trends to generate an investment outlook. The adviser sells ETFs using outputs from its system to identify when a price target is reached, expected returns decline or to replace an ETF with one with a higher expected return or lower expected volatility. The adviser reduces cash equivalents and inverse ETF positions when it believes overall market conditions have become favorable. The adviser expects to engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective, which may result in a significantly high turnover rate. Show less