Fund Description

The fund invests at least 80% of net assets in equity securities of Internet Companies traded in the United States and in derivatives, primarily futures and options on securities, futures contracts, and stock indices. The advisor uses proprietary quantitative and qualitative screens based on price, liquidity, and tradability, with holdings weighted using a proprietary modified capitalization method and adjusted for regulatory limits or as deemed appropriate. It may significantly invest in small- to mid-cap Internet Companies, maintain broad industry representation, and may buy ADRs for foreign exposure and U.S. government securities. Derivatives may create leverage, magnifying volatility and potentially requiring liquidation of other holdings to meet leverage limits, margin/collateral needs, or redemptions. To stay fully invested, trading may occur at or near U.S. market close.