The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in asset classes that the Funds portfolio managers believe offer the most attractive combined risk/return opportunities. The term asset classes generally includes, among others, U.S. equities, foreign securities, currencies, bonds, and real estate investment trusts (REITs). Generally, Gadsden (defined below) selects investments for the Funds portfolio based on its long-term view of macroeconomic factors. That is considered a strategic approach. Through that approach, the Funds portfolio will generally have exposure to a variety of asset classes, geographies, and market capitalizations. Additionally, for a portion of the Funds portfolio, Gadsden may seek to change the Funds investment portfolio based on its short-term view of the markets, which is referred to as a tactical approach.