The Niemann Tactical Return Fund seeks long-term capital appreciation. The objective of the Niemann Tactical Return Fund is to reduce portfolio risk and overall loss while seeking to achieve superior returns to its benchmark over a complete market cycle.

The Fund is typically invested in positions from a broad universe of international and domestic equities, ETFs and mutual funds. It may also invest in fixed income ETFs or mutual funds. During adverse market conditions, to mitigate market risk, the Fund will employ cash or inverse mutual fund or ETF positions. The Fund will not employ leverage at any time.

The Fund can be fully invested, partially in cash, completely in cash, or fully hedged as market trends are identified and confirmed, and allocations are adjusted accordingly. Based on its ability to rotate defensively to cash or cash equivalents to limit downside risk, the Fund may limit the overall losses suffered during major market declines. Conversely, it may also limit returns in advancing markets.

Investment Choices

The Fund seeks to achieve its investment objective by implementing a proprietary analytical process managed by Niemann Capital Management. The Fund invests in various asset classes and market segments demonstrating relative strength based on the outcome of that analysis. Essentially, the Fund re-allocates assets in direct response to changes in the market. The table below shows the investment choices the Fund may employ to achieve its objective and the potential allocation range for each.

Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments in smaller companies involve additional risks such as limited liquidity and greater volatility. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.

The fund will bear its share of the fees and expenses of underlying funds. Shareholders will pay higher expenses than would be the case if making direct investments in underlying funds. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), a tactical secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund's ability to sell its shares.