The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities (i.e., swaps), primarily of companies traded on U.S. markets. The Funds sub-adviser, Gotham Asset Management, LLC (Gotham or the Sub-Adviser) seeks to maintain the Funds net equity exposure, which is the value of the Funds long positions minus its short positions, at approximately 50 percent net short. The Sub-Adviser expects that the Funds gross equity exposure, which is the value of the Funds long positions plus its short positions, will generally be at or below 250 percent. The Fund may invest in companies of any size and the Fund generally holds several hundred positions..