The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve the Fund’s investment objective by selecting primarily a portfolio of U.S.-traded securities of non-U.S. organizations, most often American Depositary Receipts (“ADRs”). ADRs are securities traded on a local stock exchange that represent interests in securities issued by a foreign publicly listed company. Under normal circumstances, the Fund invests at least 80% of its total assets in ADRs and in securities that have economic characteristics similar to ADRs. The Fund invests in developed and emerging markets and may invest in securities of any market capitalization. The Fund also may invest in repurchase agreements.

The Advisor allocates the Fund’s portfolio using a disciplined and quantitative model owned and developed by Dorsey, Wright & Associates, LLC. The model takes into account sector and industry group allocations with a view toward portfolio diversification and allocates among developed and emerging markets based on global price trends.

The Fund’s investment focus follows a core philosophy of relative strength. Relative strength investing involves buying securities that have appreciated in price more than the other securities in the investment universe and holding those securities until they underperform. The strategy is entirely based on market movement of the securities and there is no company fundamental data involved in the analysis. In utilizing the model, the Advisor seeks to remove emotion from the day-to-day decision making by following a systematic process. While the Advisor generally expects to use the model when buying and selling investments, the Advisor has full investment discretion over the Fund’s portfolio.

The Fund’s strategy may involve frequent buying and selling securities, which may lead to relatively high portfolio turnover.