Strategy. The Fund invests primarily in total return swaps that provide the returns, long or short, of a basket of common stocks. The adviser seeks to achieve the Funds investment objective by pursuing a long-short strategy, taking both long and short positions in the Funds portfolio. 150/50 in the Funds name refers to the strategy goal of the Funds portfolio weighted 150% in long positions and 50% in short positions, resulting in a 100% net long portfolio. The Fund may deviate from a 150/50 long-short allocation as investment opportunities change. The sub-adviser recommends companies to include in the swap basket by using a multi-factor quantitative ranking system that seeks to identify the factors that drive both positive and negative returns and … Show more… The Fund invests primarily in total return swaps that provide the returns, long or short, of a basket of common stocks. The adviser seeks to achieve the Funds investment objective by pursuing a long-short strategy, taking both long and short positions in the Funds portfolio. 150/50 in the Funds name refers to the strategy goal of the Funds portfolio weighted 150% in long positions and 50% in short positions, resulting in a 100% net long portfolio. The Fund may deviate from a 150/50 long-short allocation as investment opportunities change. The sub-adviser recommends companies to include in the swap basket by using a multi-factor quantitative ranking system that seeks to identify the factors that drive both positive and negative returns and classify securities based on forward-looking return expectations. The sub-advisers quantitative ranking system analyses raw data, detects patterns, and translates those patterns into mathematical formulas that can be used to forecast security prices. The quantitative ranking system takes into consideration about 300 fundamental factors. Common factors include strong earnings growth, positive profitability, and positive momentum. The sub-adviser then constructs a model portfolio of company names and weightings, using a customized risk model to constrain portfolio risk according to the Funds investment strategy. The adviser selects and aims to include the names of about 250 stocks with the best expected returns in the long basket and the names of about 150 stocks with lowest expected returns in the short basket. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies. Equity securities include investments that provide long or short exposure to equity securities, including total return swaps. The Fund also holds cash and invests in cash-equivalents (money market funds) or high-quality short term fixed income securities as collateral for the swaps. The Fund defines equity securities as common stock, preferred stock, or futures on common or preferred stock. The Fund defines US companies as those organized in the U.S.; having a class of securities whose principal securities market is in the U.S.; or derives 50% or more of its total revenues or earnings from goods produced, sales made, or services provided in the U.S., or maintains 50% or more of its employees, assets, investments, operations, or other business activity in the U.S. The Fund invests in companies without restrictions as to capitalization. The Fund is an actively managed ETF. The adviser rebalances the Funds portfolio monthly based on the ranking system, may rebalance more frequently to reduce industry or company specific concentration or other risks, and may tactically shift the Funds net long/short exposure to equity markets based on its proprietary research. The Funds 80% policy may be changed by the Board of Trustees upon 60 days written notice to shareholders. Show less