Fund Description

The fund invests substantially all (at least 80%) of its net assets in U.S.-traded equity securities of Energy Services Companies and in derivatives, primarily futures and options on securities, futures, and stock indices. The advisor uses proprietary quantitative and qualitative 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 issuers, use ADRs for foreign exposure, and hold U.S. government securities. Derivatives can create financial leverage, increasing volatility and potential losses. The fund is non-diversified.