Fund Description

The fund invests substantially all of its net assets (at least 80%) in U.S.-traded equity securities of precious metals companies and in derivatives, primarily futures and options on securities, futures contracts, and stock indices. The advisor uses a proprietary quantitative and qualitative process with screens for price, liquidity, and tradability, then applies a proprietary modified capitalization weighting, with adjustments for regulatory limits or as deemed appropriate. It may emphasize small- to mid-cap issuers and may use ADRs for foreign exposure and U.S. government securities. Derivatives may create financial leverage, increasing volatility and potential losses. The fund is non-diversified.