The fund is an actively managed exchange traded fund (“ETF”) that seeks to achieve its investment objective by investing under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The managers define “equity securities” to mean common stock, depositary receipts (e.g., American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)), equity interests in real estate investment trusts (“REITs”) and master limited partnerships (“MLPs”). The fund is non-diversified.