Fund Description

The fund invests substantially all (at least 80%) of its net assets in equity securities of precious metals companies traded in the United States and in derivatives, primarily futures and options on securities, futures, and stock indices. The advisor uses a proprietary quantitative and qualitative methodology, screening for price, liquidity, and tradability, then weights securities using a proprietary modified capitalization approach, with adjustments for regulatory limits or as deemed appropriate. It may invest significantly in small- to mid-cap companies, use ADRs for foreign exposure, and hold U.S. government securities. Derivatives may create financial leverage, magnifying gains or losses and increasing volatility. The fund is non-diversified.