Strategy. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in a diversified portfolio of equity securities and other instruments with similar economic exposures. The Fund will typically invest in equity securities of U.S. issuers with public stock market capitalizations between $150 million and $3 trillion and employ a Put Spread Collar overlay strategy. The Fund uses a variety of quantitative techniques, in combination with a qualitative overlay, when selecting investments. The Fund may make investment decisions that deviate from those generated by the Investment Advisers proprietary models, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its … Show more… The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in a diversified portfolio of equity securities and other instruments with similar economic exposures. The Fund will typically invest in equity securities of U.S. issuers with public stock market capitalizations between $150 million and $3 trillion and employ a Put Spread Collar overlay strategy. The Fund uses a variety of quantitative techniques, in combination with a qualitative overlay, when selecting investments. The Fund may make investment decisions that deviate from those generated by the Investment Advisers proprietary models, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Advisers proprietary research. The Fund constructs a Put Spread Collar by buying a put option on an index or exchange-traded fund (ETF) at a higher strike price and writing (or selling) a put option on the same index or ETF at a relatively lower strike price, resulting in what is known as a put option spread, while simultaneously selling a call option on that index or ETF. For this purpose, the Fund may also use options on futures referencing an index. The difference between strike prices in the put option spread is designed to provide the Fund with downside protection to the extent of the difference between the strike prices of the near-the-money put option bought and the out-of-the-money put option sold. In addition to the use of the Put Spread Collar strategy described above, the Fund may use future contracts, primarily futures on indexes, options on futures, and total return swaps to more effectively gain targeted equity exposure from its cash positions and to hedge the Funds portfolio if it is unable to purchase or write the necessary options for its overlay strategy. Derivative positions may be listed or over-the-counter (OTC) and may or may not be centrally cleared. As the seller of call options, the Fund will receive cash (the premium) from the purchaser. If the purchaser exercises the option, the Fund pays the purchaser the difference between the price of the underlying asset and the exercise price of the option. Additionally, as the seller of put options, the Fund will also receive a premium from the purchaser. If the purchaser exercises the option, the Fund pays the purchaser the difference between the exercise price of the option and the price of the underlying asset. The premium, the exercise price and the market price of the underlying asset determine the gain or loss realized by the Fund as the seller of call and put options. During periods in which the U.S. equity markets are generally unchanged or falling, a diversified portfolio with limited downside protection from its put spread collar strategy may outperform the same portfolio without such an options strategy. However, in strong rising markets where the aggregate appreciation of the underlying asset exceeds the exercise price of the short call, a portfolio with a put spread collar strategy could significantly underperform the same portfolio without these options. The Funds investments in fixed income securities are limited to cash equivalents (including money market funds) and U.S. Treasury Securities. The Fund is an actively managed ETF, which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index. Show less