As an actively managed exchange-traded fund, the Fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the Funds investment objective of total return by investing in other investment companies, including mutual funds and exchange-traded funds that are registered under the Investment Company Act of 1940, as amended the 1940 Act and not affiliated with the Fund or by making direct investments. The Funds portfolio will consist of a mix of direct and indirect investments through Portfolio Funds and each may be all of the Funds portfolio or none of the Funds portfolio at any given time.