The investment seeks to provide capital appreciation. The fund invests, under normal market conditions, in long, inverse, leveraged and unleveraged mutual funds and exchange-traded funds (the “underlying funds”) focused on major global equity indices, industry sectors and factor styles. The fund may invest in inverse funds, which are funds that are designed to provide returns that are the inverse, or opposite of a specific benchmark or index. In managing the fund’s portfolio, the adviser will engage in frequent trading, resulting in a high portfolio turnover rate.