Fund Description

The fund invests at least 80% of net assets in U.S.-traded equity securities of biotechnology companies and in derivatives, primarily futures contracts and options on securities, futures contracts, and stock indices. The advisor uses a proprietary quantitative and qualitative methodology with screens for price, liquidity, and tradability, then weights holdings using a proprietary modified capitalization approach, with adjustments for regulatory limits or as deemed appropriate. It may invest significantly in small- to mid-cap biotechnology companies, may use ADRs for foreign exposure, may hold U.S. government securities, and may trade near market close to stay fully invested. Derivatives can create leverage, magnifying volatility and potentially leading to losses exceeding amounts invested.