The Fund, an actively-managed exchange-traded fund (ETF), seeks to achieve its investment objective by taking both long and short positions in equity securities. Even Herd, LLC, the Funds sub-adviser (the Sub-Adviser), employs its proprietary algorithm to manage the Funds portfolio, seeking to maintain a consistent 100 percent long exposure to equity securities. In addition, the Funds short exposure will vary between 10 percent to 60 percent. Consequently, the Funds net equity exposure defined as the value of the Funds long positions minus its short positions will generally range from 40 percent to 90 percent net long. This range is subject to adjustment by the Sub-Adviser based on prevailing market conditions.