The Fund is an actively managed exchange-traded fund (ETF) and seeks to achieve its objective principally by investing long or short in instruments linked directly or indirectly to the performance or volatility of the S&P 500 Index based on statistical analyses, described below, that seek to estimate the direction of the U.S. equity market. Such instruments may include index-based and other actively managed ETFs; leveraged, inverse, and inverse-leveraged ETFs; exchange-traded notes (ETNs); options; and futures contracts. The Fund may also invest the remainder of its portfolio directly or indirectly in cash and cash equivalents.