MODL is a fund-of-funds that holds passive sector ETFs based on the fund advisors evaluation of the macroeconomic and market environment. These underlying ETFs primarily invest in large-cap US equities that are classified in one or more of 11 GICS sectors. Security selection begins by examining macroeconomic factors such as interest rates, inflation, price levels, rates of economic growth, national income, domestic product, and unemployment to determine market environment. Individual sector ETFs are then selected that are believed to potentially benefit most from the economic conditions. Specific attention is given to avoid investments in sectors believed to benefit the least from this top-down market assessment. The fund typically invests in four to six economic sectors at any given time. Single sector weights are capped at 35% of the funds assets. The underlying exposure changes based on the advisors discretion.