The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by tactically allocating the Funds assets between unaffiliated US equity ETFs (Underlying ETFs) and cash equivalents. The universe of Underlying ETFs is unconstrained and includes, but is not limited to, those based on market capitalization, investment styles, factors, sectors and industries. Underlying ETFs may invest in U.S. equities of any market capitalization. The Underlying ETFs that the Fund invests in may be passively managed or actively managed.