The Fund is a fund of funds that invests at least 80% of its total assets in the constituents of the Monarch Select Subsector Index (the Select Subsector Index). The Select Subsector Index consists of 10 equally-weighted U.S. listed ETFs of any market capitalization that represent economically advantageous U.S. sectors and subsectors.The Adviser is the index provider. The Select Subsector Index follows a proprietary rules-based methodology that selects which equity sectors and subsectors to invest in based on the phase of the economic cycle. The methodology uses employment trends to determine the phase of the economic cycle and identifies the sectors and subsectors that have historically performed well during such cycle. The methodology selects ETFs that are expected to deliver the best risk adjusted return for the identified phase. Because the Fund may hold subsector ETFs from the same sector, the Fund at any given time may have a significant percentage of its assets invested in one or more sectors relative to other sectors. As of January 1, 2024, the Index had over 25% exposure to the healthcare sector.