The Fund is an actively managed exchange-traded fund (ETF) that may engage in active and frequent trading. Under normal circumstances, the Fund will invest at least 80 percent of its net assets, including any borrowings for investment purposes, in equity securities that include common stocks of companies and equity ETFs providing exposure to such companies, and have economic characteristics similar to such securities. The equity ETFs in which the Fund will invest are primarily index ETFs that invest in the common stock of companies although the Fund may also invest in actively managed ETFs that provide similar exposure to equity securities. The Fund is managed relative to the S&P 500 Index but has broad flexibility to allocate its assets across different types of securities and sectors of the equity markets. The Fund may invest in securities of companies of any market capitalization, or equity ETFs that provide exposure to companies of any capitalization.