The Fund's adviser seeks long-term capital appreciation by employing a tactical strategy to invest in:

The Fund invests in precious metals primarily through (i) swaps, (ii) exchange-traded futures contracts, (iii) securities of precious metals companies, and (iv) exchange-traded funds ("ETFs") that primarily invest in the preceding instruments. The Fund defines precious metals companies as those deriving a majority of their revenue or profits from precious metals-related activities, i.e. exploration, mining, processing or dealing. Under normal circumstances, the Fund concentrates investments in the precious metals industry because it invests over 25% of its net assets in this industry.

The Fund invests up to 15% of its total assets in cryptocurrencies, indirectly and solely through Grayscale® Bitcoin Trust. To the extend the Fund is not invested in precious metals and cryptocurrencies, the Fund also invests in fixed income securities to generate interest income. The Fund’s adviser expects to increase exposure to fixed income, when the adviser’s tactical models instruct the strategy to retreat from precious metals, precious metals companies, and or cryptocurrency. Fixed income securities are selected without restriction as to maturity, credit quality, issuer country or capitalization. The Fund is "non-diversified" which means that it may invest a larger portion of its assets in a single issuer. The "+" in the Fund's name is a reference to alternative investments in addition to equities of precious metals companies.

Tactical Strategy

The Fund’s adviser uses proprietary statistical measures to gauge the strength of price trends in cryptocurrencies, precious metals and precious metal company stock prices. The adviser derives these measures from publicly available daily price information in its proprietary quantitative models to systematically allocate assets among precious metals, cryptocurrencies, and fixed income securities. The adviser tactically adjusts exposure to these assets to focus on those the models identify as favorable for capital appreciation. Additionally, the adviser uses similar models to select specific securities or derivatives based on expected risk-adjusted return. The adviser engages in very frequent trading to achieve the Fund's investment objective, which will result in portfolio turnover in excess of 100%.

Subsidiary

The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Subsidiary"). The Subsidiary is expected to provide the Fund with exposure to precious metals swaps, futures and ETFs, as well as cryptocurrencies within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Subsidiary invests in precious

metals swaps, futures and ETFs, as well as cryptocurrency-related securities. The Fund's investments will be composed primarily of securities, even when viewing the Subsidiary on a consolidated basis. The Subsidiary, when viewed from a consolidated basis, is subject to the same investment restrictions as the Fund.