Investors in alternative investments should bear in mind these can be highly speculative products and may not be suitable for all clients.
An investor should consider the Fund’s investment objectives, risks and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the Fund’s prospectus. To obtain a prospectus, please call 1-844-838-2120 or visit www.milescapitalfunds.com and download one here. Please read the prospectus carefully before investing.
The fund is distributed by Ultimus Fund Distributors, LLC (Member FINRA). Miles Capital, Inc. is the investment advisor. Investment in the Fund involves risk, including the possible loss of principal. An investment in the Fund is not insured or guaranteed by the FDIC or any other government agency.
A Word About Risk
All investments involve risk, and the Fund cannot guarantee that it will achieve its investment objective. The Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund.
Diversification does not ensure a profit or guarantee against loss.
Investors in alternative investments should bear in mind that these products can be highly speculative and may not be suitable for all clients. Alternative strategies pursued by the Fund may be subject to a number of risks either directly or indirectly through its investments in other Investment Companies or other securities and investment instruments. These risks include:
Allocation risk – the Fund may at times favor an asset category or strategy that performs poorly relative to other asset categories and strategies.
Commodity risk – investments in commodities and commodity-linked ETNS may subject the Fund to additional volatility. The value of commodities may be affected by overall market movements and factors affecting a particular commodity or industry, including adverse weather conditions, diseases, embargoes, taxes and other political and regulatory developments. Any income received from commodities-related investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.
Concentration risk – if an underlying fund is concentrated in a particular industry or economic sector, events that affect that industry or economic sector will have a greater effect on the underlying fund than they would on a fund that is more diversified among a number of unrelated industries or sectors.
Credit and counterparty risk – the counterparty to a transaction with the Fund or an underlying Fund may be unwilling or unable to meet its obligations.
Currency risk – currencies in which an underlying fund’s investments are traded, or currencies in which an underlying fund has taken an active position, may decline in value relative to the U.S. dollar.
Derivatives risk, including futures risk and option risk – the use of derivatives by an underlying fund could lead to substantial volatility and losses. Derivatives may be illiquid and difficult to price, and the counterparty to a derivatives contract may be unable or unwilling to fulfill its obligations under the contract. An underlying fund’s use of futures could expose the underlying fund to gains or losses that far exceed the level of the underlying fund’s initial investment. An underlying fund may lose the entire value of the premium paid to purchase a put or call option.
Equities securities risk – equity securities are subject to changes in the company’s financial condition over overall market and economic condition. Small-cap stock may pose greater market and liquidity risks than large-cap stock.
Exchange-traded note risk – and ETN reflects the risk of owning the assets that compose the market index the ETN is designed to track. The Fund’s decision to sell an ETN may be limited by the availability of a secondary market.
Fixed-income securities risk – rising interest rates typically cause the value of bonds and other debt instruments to fall, while declining interest rates generally increase the value of existing bonds and other debt instruments. The issuer of a fixed-income security may default on payment of interest or principal.
Foreign securities risk – investing in foreign issuers may involve risks not associated with US investments, including settlement risks, currency fluctuation, local withholding and other taxes, different financial reporting practices and regulatory standards, high costs of trading, changes in political conditions, expropriation, investment and repatriation restrictions, and settlement and custody risks.
Hedging risk – although underlying funds may use certain hedging strategies intended to limit or reduce investment risk, these strategies may be unsuccessful.
Leverage risk – the use of leverage typically magnifies both gains and losses.
Liquidity risk – underlying funds may hold less liquid securities. When there is no willing buyer and a security cannot be readily sold, an underlying fund may be unable to sell the security at an advantageous time or price.
Management risk – the Fund’s performance is dependent upon the Adviser’s skill in selecting underlying funds and making appropriate investments.
Market risk – the price of securities held by the Fund or underlying funds may decline in response to world events and conditions affecting the general economy.
New fund risk – there can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations, and your interest in the Fund may be liquidated at an inopportune time.
Other investment company securities risk – the Fund’s investment in underlying investment companies, including mutual fund and ETFs, exposes the Fund to the investment performance and risks of those investment companies. The underlying funds in which the Fund invests will pay management fees, brokerage commissions, operating expenses and performance based fees to each manager it retains. As a result, the cost of investing in the Fund may be higher than other mutual funds that invest directly in stocks and bonds. There is no guarantee that any of the trading strategies used by the underlying managers will be profitable or avoid losses.
Quantitative methods risk – the Adviser’s use of quantitative methods in managing the Fund’s portfolio may not be successful or work as expected.
Real estate investment risk – an underlying fund’s investment in companies in the real estate industry will expose the underlying fund to the risks of owning real estate directly, including economic downturns that have a negative effect on the real estate markets, possible lack of available financing, and changes in interest rates or property values.
Short sales risk – short sales have the possibility of unlimited losses.