Aspen Managed Futures Strategy Fund

The Aspen Managed Futures Strategy Fund is designed to approximate returns of commodity trading advisors (CTAs), which are firms that offer trading advice on options, futures and the trading of managed futures accounts. The Aspen Managed Futures Strategy Fund is designed to meet or exceed the risk adjusted returns of other less liquid or non-investable indices which attempt to replicate CTA returns. The Fund employs both trend and counter-trend strategies on some of the most liquid futures markets. The Aspen Managed Futures Strategy Fund seeks to provide the benefits of managed futures (e.g., low-to negative equity correlation, the potential for better performance in periods of higher market volatility compared to stocks and bonds, and positive convexity to stocks and bonds), in a mutual fund structure.

Fund Objective

The Fund seeks investment results that replicate as closely as possible, before fees and expenses, the price and yield performance of the Aspen Managed Futures Beta Index (the "MFBI" or "Index").

Index Definition

The Managed Futures Beta Index is constructed using a quantitative, rules-based model designed to replicate the trend-following and counter-trend exposure of futures markets by allocating assets to liquid futures contracts of certain financial and commodities futures markets. The Index therefore seeks to reflect the performance of strategies and exposures common to a broad universe of futures markets, i.e., managed futures beta.