As filed with the Securities and Exchange Commission on November 15, 2012
Securities Act of 1933 File No. 333-173167
Investment Company Act of 1940 File No. 811-22540
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 | x | |||
Pre-Effective Amendment No. | ¨ | |||
Post-Effective Amendment No. 4 | x |
and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 | x | |
Amendment No. 5 | x |
(Check Appropriate Box or Boxes)
FQF TRUST
(Exact Name of Registrant as Specified in Charter)
230 Congress Street, Floor 5
Boston, MA 02110
(Address of Principal Executive Offices)
617-292-9801
(Registrants Telephone Number, including Area Code)
Name and Address of Agent for Service: | with a copy to: | |
Ronald C. Martin, Trustee | Stacy L. Fuller, Esq. | |
230 Congress Street, Floor 5 | K&L Gates LLP | |
Boston, MA 02110 | 1601 K Street, NW | |
Washington, D.C. 20006-1600 |
It is proposed that this filing will become effective (check appropriate box)
x | immediately upon filing pursuant to paragraph (b) |
¨ | on (date) pursuant to paragraph (b) |
¨ | 60 days after filing pursuant to paragraph (a)(1) |
¨ | on (date) pursuant to paragraph (a)(1) |
¨ | 75 days after filing pursuant to paragraph (a)(2) |
¨ | on (date) pursuant to paragraph (a)(2) of Rule 485. |
If appropriate, check the following box:
¨ | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended (the Securities Act), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for effectiveness of this Post-Effective Amendment No. 4 pursuant to Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 4 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston and the State of Massachusetts on the 15th day of November 2012.
FQF TRUST | ||
By: | /s/ William DeRoche | |
William DeRoche | ||
President |
Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 4 to Registrants Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
Signature |
Title |
Date | ||
/s/ William DeRoche |
President | November 15, 2012 | ||
William DeRoche | ||||
/s/ Brent Arvidson |
Principal Financial Officer and Treasurer | November 15, 2012 | ||
Brent Arvidson | ||||
/s/ Peter A. Ambrosini* |
Trustee | November 15, 2012 | ||
Peter A. Ambrosini | ||||
/s/ Joseph A. Franco* |
Trustee | November 15, 2012 | ||
Joseph A. Franco | ||||
/s/ Ronald C. Martin, Jr. |
Trustee | November 15, 2012 | ||
Ronald C. Martin, Jr. | ||||
/s/ Richard S. Robie III* |
Trustee | November 15, 2012 | ||
Richard S. Robie III |
* | Signatures affixed by Ronald C. Martin, Jr. on November 15, 2012 pursuant to a power of attorney filed May 26, 2011 with Pre-Effective Amendment No. 1 to the Registrants Registration Statement on Form N-1A, File Nos. 333-173167 and 811-22540. |
EXHIBIT INDEX | ||
EX-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
8DJ?&0EX$/!7,/(AB$+(41V[[J[)&]--L2 MFY9)8CU:E:;Q[0^V1\;&Z,,:MHJ"[,QBJTE*S!9&6J%1S,(A36)9%IC0OI;Z^9EFURT87$E#Q" M'D36U)GR+.S.Z*,D!.`BR9E3@P6<8(QU0SJ'\HK4N%"4!=.'B=IC*01E*J!9 M4>!`W!S<(-6EAQR'Q&S%K4BA\EM63,%CB+0Q\X]O[E $0U\K;(DI MCF1/RY.>24@2GA/Y1A`/&@OKH&@:!H&@:!H&@:!H&@:!H&@:!H&@IC-]C51S MJTYE="YTFC98TKFU)SY#(6=U0I5,-?:28GV)-Y46ZC6?T&B=PF4N;))$BG*D MAS;%QI7`O/(((5X9/Q-U7';$HVQ6:^-QK ,2SY^3LCM'(DP/[@E/>I2H"7AQ4K!%$``$.>.,B$%= MUGXO:> V;ZTL+B07YT+!+6
F;R.=+TS$XLEZ"2-GXZJZ2R%UDKM9MI25=+F'<5#[&(=S(26@GD,W/ M.+"_63&G%*V0]!AF2E26/$K&T]MRD4I,9$1DPPG@#`>)-^.Z$S2$+Z_EMSW= M(8W(F@N)3-J U):U0*$CTTI43RF<#UJHM M2$U4/.`L/;6WMKM21UQ)L326PU?7;9-XX`J/!CZQ-)(G8C4TL\IC[WB2,CV< M`"E*RD9*5)1IU9(\9S@S/-G&@Q-'[88[2R]K>Q3"4V#(V.KHA3;,_P`P21,E M Y&^CW!FV^1^_+79)R"R M-SWM;[94$J9BN*ODM5;3HS<=;P:3"8VR0U]*6612>7I)#Y%"E(//8S<-IF2C M"#QY"Y.W"]+ML6^*=3368,:R!VM^/BN-P&8*RQ%$U@8+,>7R%HY*ZXE`UJUV M>4+CA^-"F39"F3HR0XQR&CSDS0:P+W+77,?RA6;LR:YV&&0*'Q^F+N"YKF)B MZSY#4426F3"GZ^7K&T\3M*);+7!O 6`MF%DP6+1J?G5?9")]@XH18MW0)Q;'>8O6VEH:#7-+(5<> M(R:U'+"3UPR4W*>4'M;=\5EL,4MF02"KFFQEZ+>NZ[8*99X'*DC4"4-!\=0/ M4=>GMR >MD0TX59B@!Q73+SG'`0>2_P`G<$(262ZO582YE:ZT@T]D M+\!2Z-(GMHF%9L57.,K@,Q:L@*)A"P3W:1#4WJUJG`%JML7"Z9998!&!-*?W M<6#<&Y6)URB@K-'Z[45+>CS+SU+Z-S=")]4EQPNN$KA#7 .'2R`853_(+O+OW;AN6!$HI)FYDI^2[:H=V*PUF:EB^,[A93?J MAMARP:I>@4X/:YS7\4?67!!HNF%P[018<Y#1"3?INF5;I5>W0R?MA*;%K M+=NQ#P5$V'+D"U2-YQ;T`[.!(QH^F7LG,%Q(%P$8((5>`]7.3=!]%F@:!H&@ M:!H&@:!H&@:!H&@:!H*^VYMEJN[W)] .`T`Z?CDIQ[CZY$[SZ['& BI,SNCL1%"8^&.KJF1)V GI7:;S=*S,N062ZSVI;(225GD0D"J.R.GX\\0]F#' ML!2&!1,\HALB7M$@1F=8AV;UAA9@0YP`0`_>XC:'76Y%T:GJ4R*?Q-U1U_8M M1.ZZ`/K>SFRNIK9S'A6%7L@PZ,KX7EFD(XLB%E0D"D<4V2\]!27SBXABV+9/ M4$<6'9:U\W(8"[XB.XQAAN'U%B-1.QH@QACZ;UXH#.!T*CCHA**RK0*52DOJ M%!R3DD/,'(>B1;(*@E#A:QCJ[6)Z];Y=@*))"$4N&AB*&1V>DB":7S%E;TZ$ M"@F2J#H.@5I#5!RDE`MRH.3E@$I-XA(HAM3BL.L:)6NDL&V'6 RBB]S MI\E/MAL?G04HC55QE6%N>LMP$!5-6YB[8$[LW*E.&W/[;.L8,&I"+.34O$C( M>00N(1\K\?\`ML)NX&X4$:=PV:#<,KW/!=`O(RT>;56T.+;F>M,0E)P`/9_C M@P>`I3!"P%>/*G`N;AC`75T#0-`T#0-`T#0-`T#0-`T#0-!\XN^_>=N"V][K M+)A$ 4H<6E[+;%S6)(-M5`+5@,R$)17GY M$YHK5P-F^,P/D>4OE-L4JD;_`#L"F<'*+RN&[JQ9\LK6SP9H8G`49/JD"DW! MHD?<)U@20?4*R:8$=Q5?%SFY;LB>(X^HGQYG+.43N-N]KB M\UJZ9N(X\A0M=D0B)Y"E=T*8E08C.<0G8,+S@H(@V58_Y'I)`%MB&8IQK=F9 MH>[TA] !*"^ M4+M; [FA\M=)-'6N-22"V[;%0OJ-B=E3RR+7&KYLZQ(;TT+%[B(-3&%B`+F#>.R&43N:S5LL^ M:7](WE=;"S>5"YN[.J=TA,!@3[6"E*:HDPUK#486EPZ&0G.9SN0 M>HP::')F`MANW;GY56;:[$VTKI>N8;+D4ZOJ8-#^X1.2#I2)L4B=I0SQJ4M* M12Z,+FN=R&X1AJ82=0:B*/(+.`,W'$.F59>FZUGBT.4S:UK+ALRIK:?M;N]( MTR)U*0KY2ZW-O->(8)MNMI0M[:@F$@44='VYC7IU0<=JZN"HX)85F<&A"/S' M<_N'8*X-LANN^;$.U^L&Y5`],2Q^,5)JX4Q'\D].[<8E(*X1'(C0P0V)5+9* M]M'E(1D!JHHE4;D:@OJY"06I?]^M:U31[98%]2:,P2=_DM=3IM6D\8F*SFV( M[<4%:.5=)I'-I4J(-F1];IK46Y*;51^ V9/=46O=/6[:V-$I2Y@S?+F_#(\R%G=8L!UD)"TOO"4A/<(L" M.P0(L96!8"G[MNGM=MW,6Y*WYZNYBC%=[A'W;S6Q*&2QI324O=V;8<5=[/!I M/6:O('Y0HE$N7K7DR6E`.5$+4B%M+R%&8>((:KKB[;U<7O:M3SM?MGO;!N=; M_P`?D[GK^&:.)4[CJ^YMOFY6Q[0:(M,$J8IYBL D* S(\ M_P`!D%@3&OI`!J=7(QO=1Q:8V6Z+^U48$G6]7!*C`R0A"$-,U#^.UDBT;EE? MS9W)1U8_P&HHNFK6LI79[8RIIS4LGS+VZZ6YRDDJ )3E0[(FX)936,HDLA MO+">8KS@/(&^'#8QMP=W.8.SQ$79V4S &=)ETP M0RO +"E#*Y)E=QNJUC2RE MX'%'Q^O.61^:3A_>X^I4GHESJ%\CP1-YG`.$!2D\LG`0&9#H(E-MFU%6'<8K MPE;/*'"6*OC$Q[9BIW+T$!E2REWYXE%4N$M@*!X31B2+())'P] >V.1`HLZNB MMCAJ:>39(4Z.9:$DH)ZLL.<8`#')H)5?%$0/<;`LUO8XY2&,YD4:E.0Q&7/\ M+ DVK,TU=I!/."J_P`R M.STB>0*!M>$X_*)B309!@H`0AZG_`&"[;I)!&F`N+#,"T+:]V8_K9&V63.F> M=RA?=? B%1XRE`"RL!"7T">F%B995$!FE5O=*OC M`0*M'^%**\7QAO.4M28,/4M'@A,J(]O.3JD!!35P)+R2,`RPXQRYQG&-!J=9 ML_H=PMU+=2V-.RJ5I5Z=]PTGRZ4&P%1,4E?J*I2SY;7HW44063HBM%0V,+F8 MD$H[#.`YSD80CP$#9OQ\;98[%5<58X[,&WG>Z[?&:4I[*G?O4/,J)I7QZK&R M%S(Q^,?8RPP".NZUO;4*8T*8I(N4EC"/K&9$%I:YKR&U+`XC65>,26,P>"L# M;&(LPHA'&)VMF:4P$J)-@Y2:>J4F8++XF''&&''&9$,P0AB$+(330-`T#0-` MT#0-`T&*>7UDCJ+R4@>6IB;L'$)LKWEP2-B+"A29@I,1W2TX@CK*#18"`'-S M#%GAC& HP/*<@Y3A9DDLX_!0 ML@"(6!"Y<\,9X9T'.+E<6--9B2I*P&'2+"G,?*+>&X9K[A%C(EF68L*G(G/" M0..)O0P/IX_ZN&@Y;@^,K2I;$;J\-;:K>U>4#,E<'!(C4NZ[!>3 F$`:!_(S":W<(E`+)GC6&R'Z#CL>'4YMX 5G;,KUAH@$E"'4C":KD]8V1#:Y=9$2 M_7?6V_'9'MR3VHG6@46"94P?QRH6F;'1]X6"\R7&3P+G]Q`GSQ3&"*$I-`(X ML0\!?S8E4E40BR;1D\*5Q9OVZ,U14=L>BK^Y@C3*W[K+)J]SFR:PK@>6XD*= MJE[O()++ <_K$3CTQ'$=`0PA,=!MSBVT/>UO(2TA12]C>)W9K5`(@ M*LH9B"I4&W66R:BJB2.4>"R^*-7'V(D3"@BY2P8P%1KOIA!3U MGNL&@I$%;87M<@OXQTEH+UR!.QVTG?)/NQE /Y5&\QTE%KVW$,5;&[BB#U M-N1=L,+6.2E>OE`4;)DUB'YDI_8DR`XL(3>8H*-[B%KZW0>PI:WE-Z"VI?9G MY?HU=;LA/*22A?6#([1)O"CE:M,>4X>#CL50,6$Q9V<$H"1$='!83>(@W_*V M&)&[L+&JQ='8)C:JU;E-W:YBC(DS.76R"9(_QF5(^KRVYK"+$?3*VQP>W]?T MRP`[168I4@"`WG,P'>-L/<9&[[)-HCK+S52B3.&VJD5CTH7-6J5ZBN(X8: MJ6'&C,-.5*>;!A@QB$,8Q9R+. ]N&V^Q[\9RDBA' M3Z9CG\U3JT1J[!M7QV2LZVU!I2B32C"W%%7@')0F,QS8+/)#G(!XXAR'2H+\ MJF[T.U(&X',2KK$DQ<@]J1L.S&G(LK.X0-;"=,"*7#?\DF1D5CXPV8S@?(,/ MZ!,YLXY0Y5N_E[O>L8AMWM8B,1)XKOXVOM]B=8VC9R?B\ MT_6$O;+N&3,&AV0MKP<6@GE@2EM-B$<).%DM*[JL`5FXR2`A0%?J.W>6Y&VV MK:2@LY94"AL<6R7N+4Z,B>4.4DA$MW7[BB+I=9-,'9TR*$EUU6D$+5-28" 2% MN=XIY]_-9F)4^)@J&4A8/#RG(,3F*RL*B@YT'#)WX[KU],--D&FP-J(D3#7M MK'D(&6*/5J1Z`2ZG;-L23^MT\7/35LYB]=N1JE?\@B2N,:(=CD* %H&QMGP7# QNG<*3LJ6'V#! M/:HG1U(72UN9=9(PM^5-A1_<&2_1A6T9DPL&M6'&L6U:G48/`I+,R>7G(BAX M"`.[=/Z=[D[=KZ_[[ZXQ^;Z'8^T>J^1??7?(\G]EX/RODNTZGT>OW')^[GT% M>]U/V;>%A/WB_!_A/8E_QW\U^L]#VKP2_P`GZA[%]3S?K/==?M/K=CU>;Z7/ MH,7'OL:^48)ZU]NOS)\7-WQWX_TGY"^)_7UOB/6N7^^]<]3[KMNC^GC.OR?Q M^KH-:TC_`(QNGGX`^TKM/;*WZ'Q[\>^,]V]D4?$_C/&?U_L7MG5\'VWU^^YN MW^IQT%B<_;%\*R/C\+_;YY.5>U?^H?%/E_=W#W/S7#_C'?\`R)W7D.K]3R_4 MZGU^;01BTOLT^9ZT^8_@'YZXM'Q;[[Z7\B_]Z'ZUZYYG^Y_]FY_% NMZ![GZ)XQL]C^2>O_`#_7/#]CY3OO MH=OVW=?LZ.@@"S_&_P#;^P]_]J'VU^ZJO7^\^.?C+Y"Y5_DNRZ_]3[;VO==Y M_NNTZW6^ASZ"\39XWQK?X?L?$=BD\5XSH>-\;T"^Q\?VO\7L>UY>ET_I]/AR M_IPT'-T#0-`T#016<^E^F2OY(];^/_7G?W;W'QWJ?JW8G^=]E\O_`%7@O&]3 MNNY^AT>;G_;QT&I__P`M^H_I\&^B?)P^/#TCU3YA[X74X\/ZGY!\EQYO]_UN M/']V@Q[[]I'JE=^R?`/I7HZ?XI\SZ%ZU\<^3@/:^A]Y_6^H^7]8Z?8_Q.X\= MR_N[?080C[*^C+.U^W7H^6DGNG;>@\/._,__`"KV#I?KYC[@.'>=;Z_MG#G_ M`)W#0=<-W_9Q\J2WCW7Q_P#)&VGV_P!4^$NP]G^1F[U#X9\M_P#3O5/?>3VS MU?Z'D?*=+^;Y707@C?\`CFZ*#U'[6>G\H0;Q7KOH'4^7/%.OQUXSQOUO6^ M\\5T?K^*Y^C_`!>.@Y2__'AZL^=_]K7I_NR;SW5^/?#^[^/>^T[GA]#O?"^3 MY.'T^Q[SA]#KZ"1RW[&/#N_N?VW>#^57#SWF/0?'_,7I37YGRW5^C[E\<]GW MW6^OX3I=;^+RZ#-M7V<>ZRSPOP![][[#O<>P])]B^2?8S_2/*]'^7[9[CU>R MX_R?+=3E_D\V@R*;[2_7WKM/@GUCTN,>P=#TKPWH'2EWIWE>3^)ZMT?.^/ZO +\;E[SI?IUM!__]D_ ` end
Label | Element | Value | ||
---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |||
Registrant Name | dei_EntityRegistrantName | FQF Trust | ||
Prospectus Date | rr_ProspectusDate | Oct. 29, 2012 | ||
QuantShares U.S. Market Neutral Anti-Momentum Fund
|
||||
Risk/Return: | rr_RiskReturnAbstract | |||
Risk/Return [Heading] | rr_RiskReturnHeading | QuantShares U.S. Market Neutral Anti-Momentum Fund | ||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Momentum Index. | ||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | ||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses you may pay if you buy and hold shares in the Fund. Transaction costs that may be incurred by the investor such as brokerage commissions for buying and selling securities are not reflected in the example that follows. | ||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses you pay each year as a % of the value of your investment) | ||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | October 31, 2013 | ||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | ||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the example, affect the Fund’s performance. During the period from commencement of operations on September 6, 2011 through June 30, 2012, the Fund’s portfolio turnover rate was 379% of the average value of its portfolio. | ||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 379.00% | ||
Expense Exchange Traded Fund Commissions [Text] | rr_ExpenseExchangeTradedFundCommissions | Transaction costs that may be incurred by the investor such as brokerage commissions for buying and selling securities are not reflected in the example that follows. | ||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies | ||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to track the performance of the Dow Jones U.S. Thematic Market Neutral Anti-Momentum Index (the “Target Anti-Momentum Index”) by investing at least 80% of its net assets (plus any borrowings for investment purposes) in common stock, including the short positions, in the Target Anti-Momentum Index. The Target Anti-Momentum Index is a market neutral index that is dollar-neutral. As such, it identifies long and short securities positions of approximately equal dollar amounts. In choosing to track a market neutral index, the Fund seeks to limit the effects of general market movements on the Fund. The universe for the Target Anti-Momentum Index is the top 1,000 eligible securities by market capitalization in the Dow Jones U.S. Index (“universe”). The securities included in the universe are categorized as belonging to one of 10 sectors. The Target Anti-Momentum Index identifies approximately the 20% of securities with the lowest momentum within each sector as equal-weighted long positions and approximately the 20% of securities with the highest momentum within each sector as equal-weighted short positions. A stock’s momentum is based on its total return, which is a function of price performance and dividend returns over the first twelve of the last thirteen months. High momentum stocks are those stocks with higher total returns, and low momentum stocks are those stocks with lower total returns. Although the Fund will seek to invest in all of the long and short positions that comprise the Target Anti-Momentum Index in approximately the same weight as they appear in the Index, the Fund may use a sampling strategy to track the Target Anti-Momentum Index. A sampling strategy involves investing in a representative sample of the long and short positions in the Target Anti-Momentum Index that, collectively, have an investment profile correlated with the Target Anti-Momentum Index. In either case, the weightings of the long and short positions in the Fund’s portfolio may differ from their weightings in the Target Anti-Momentum Index. The performance of the Fund will depend on the difference in the rates of return between its long positions and short positions. For example, in a rising market, if the Fund’s long positions appreciate more rapidly than its short positions, the Fund would generate a positive return. If the opposite occurred, the Fund would generate a negative return. The Fund may invest up to 20% of its total assets in instruments other than the long and short positions in the Target Anti-Momentum Index, which FFCM LLC, the Fund’s investment adviser (“Adviser”), believes will help the Fund track its Target Anti-Momentum Index. Such instruments are expected to include long and short common stocks not in the Target Anti-Momentum Index, derivatives, including swap agreements based on the Target Anti-Momentum Index and futures contracts on equity indexes, and money market instruments. The Target Anti-Momentum Index, which is compiled by Dow Jones Indexes, is equal-weighted and sector neutral—meaning that at each monthly reconstitution of the index, all of the components of the index are equal-weighted and the number of long and short positions in each sector in the index approximate the weighting of that sector in the universe. If between reconstitutions the value of short positions in the Target Anti-Momentum Index exceeds the value of the long positions by an amount that is established by the index provider, the Target Anti-Momentum Index will be rebalanced back to equal weights and sector neutrality. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that its Target Anti-Momentum Index is concentrated. |
||
Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that its Target Anti-Momentum Index is concentrated. | ||
Risk [Heading] | rr_RiskHeading | Principal Investment Risks | ||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | There can be no guarantee that the Fund will achieve its investment objective. The Fund is an exchange-traded fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund. The overall performance of the Fund depends on the net performance of the long and short positions in its portfolio. It is possible for the Fund to experience a net loss across all positions. Anti-Momentum Risk: For the Fund, anti-momentum investing entails investing in securities that have recently had lower total returns and shorting securities that have had higher total returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of a fund using an anti-momentum strategy may suffer. Derivatives Risk: Derivatives, including swap agreements and futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that a loss may be sustained by the Fund as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Industry Concentration Risk: To the extent that the Target Anti-Momentum Index is concentrated in a particular industry, the Fund also will be concentrated in that industry and may subject the Fund to a greater loss as a result of adverse economic, business or other developments affecting that industry. Leverage Risk: The Fund's use of short selling and swap agreements allows the Fund to obtain investment exposures greater than it could otherwise obtain and specifically to effectively increase, or leverage, its total long and short investment exposures more than its net asset value by a significant amount. Market Neutral Style Risk: There is a risk that the Adviser’s sampling strategy, or the Target Anti-Momentum Index, will not construct a portfolio that limits the Fund’s exposure to general market movements, in which case the Fund’s performance may reflect general market movements. Further, if the portfolio is constructed to limit the Fund’s exposure to general market movements, during a “bull” market, when most equity securities and long-only equity ETFs are increasing in value, the Fund’s short positions will likely cause the Fund to underperform the overall U.S. equity market and such ETFs . In addition, because the Fund employs a dollar-neutral strategy to achieve market neutrality, the beta of the Fund (i.e., the relative volatility of the Fund as compared to the market) will vary over time and may not be equal to zero. Mid- and Large-Capitalization Stock Risk: The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion. The stocks of mid-capitalization companies are often more volatile and less liquid than the stocks of larger companies and may be more affected than other types of stocks during market downturns. Compared to larger companies, mid-capitalization companies may have a shorter history of operations, and may have limited product lines, markets or financial resources. Passive Investment Risk: The Adviser does not actively manage the Fund and therefore does not attempt to analyze, quantify or control the risks associated with investing in stocks of companies in the Target Anti-Momentum Index. Portfolio Turnover Risk: The Fund’s investment strategy may result in higher portfolio turnover rates. A high portfolio turnover rate (for example, over 100%) may result in higher transaction costs to the Fund, including brokerage commissions, and negatively impact the Fund’s performance. Such portfolio turnover also may generate net short-term capital gains. Premium/Discount Risk: Although it is expected that the market price of the Fund shares typically will approximate its net asset value (“NAV”), there may be times when the market price and the NAV differ and the Fund’s share may trade at a premium or discount to NAV. Short Sale Risk: If the Fund sells a stock short and subsequently has to buy the security back at a higher price, the Fund will realize a loss on the transaction. The amount the Fund could lose on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales increases the exposure of the Fund to the market, and may increase losses and the volatility of returns. If the short portfolio (made up of the securities with the highest momentum within each sector) outperforms the long portfolio (made up of the securities with the lowest momentum within each sector), the performance of the Fund would be negatively affected. Stock Market Risk: Stock markets can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. The market’s behavior is unpredictable, particularly in the short term. The Fund’s Target Anti-Momentum Index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the Fund seeks to track its Target Anti-Momentum Index, the Fund may underperform the overall stock market. Tracking Error Risk: The investment performance of the Fund may diverge from that of its Target Anti-Momentum Index. If the value of short positions exceeds the value of the long positions by a certain percentage, the investment performance of the Fund will likely diverge from that of its Target Anti-Momentum Index. Trading Halts Risk: Fund shares trade on the Fund’s listing exchange and, therefore, are subject to trading halts on the exchange. |
||
Risk Lose Money [Text] | rr_RiskLoseMoney | The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund. | ||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | The Fund is an exchange-traded fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. | ||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | No performance information is available for the Fund because the Fund has not yet completed a full calendar year of investment operations as of the date of this Prospectus. | ||
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | No performance information is available for the Fund because the Fund has not yet completed a full calendar year of investment operations as of the date of this Prospectus. | ||
QuantShares U.S. Market Neutral Anti-Momentum Fund | QuantShares U.S. Market Neutral Anti-Momentum Fund
|
||||
Risk/Return: | rr_RiskReturnAbstract | |||
Management Fees | rr_ManagementFeesOverAssets | 0.50% | ||
Distribution and/or Service (12b - 1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||
Dividend, Interest and Brokerage Expenses on Short Positions | rr_Component1OtherExpensesOverAssets | 1.64% | ||
Other Expenses | rr_Component2OtherExpensesOverAssets | 3.26% | ||
Total Other Expenses | rr_OtherExpensesOverAssets | 4.90% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 5.40% | ||
Fee Waiver and Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (2.27%) | [1] | |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement | rr_NetExpensesOverAssets | 3.13% | ||
1 YEAR | rr_ExpenseExampleYear01 | 316 | ||
3 YEARS | rr_ExpenseExampleYear03 | 1,412 | ||
5 YEARS | rr_ExpenseExampleYear05 | 2,499 | ||
10 YEARS | rr_ExpenseExampleYear10 | 5,179 | ||
|
:AYO9C5+R]AE5YDTU_U78#O7@/;,J&5?,AHW_B0(Q,*=4)+Y^<#JOI
MOP\MTO1+;IETB9X\>6;?HB2-*HGN*VE+D6:!U^4B9L TIS=\OU!9I[H+D'FKLET0WHV# GRURI,BKW\-LQ(_FJ>+E\SH==F?^_UDV(_
MC_(_STFQRI*+U7(99H^_)7%X16*R^`?#>%%"_.WB:YC]28HSLBJR,/Z:LI:K
MY>=5LMA&/[,^7UV\4O3Z-*/`[&"QBDG9Y6T:+TCVF9#\Z54WZ,BFOD=)L@IC
M]I=G=\SM4/_TZ>&.)/ESZOX$G3[M**Q[__00LE:769CD=VG^'#/_J7I\3OW/
MTG.R(,L[YF7LCX6^=_OV<9D685PY*L,9^C',CJE,L;UYR/I4:;_I]8E'@2Z$
MPAL!,!O38V#G-F9'G[].2!%&L57*5'1I90RB?!ZG^2HC74@G81%^B@GK\AE(
M9'B_;F:$^2KJO\-X1>PNH1I=.EH_;:7T%HNG9]-TJT7,3EH;]FAM!(:O8792
MWZ0[1[H/73$]X3@,7RX]LT68K95J$/862H(N`:V2=O,,NRV1GGQ&[+`^>B(R
M'+`X>GKM=UP9;3<$.R^++,P"\S71K]'-[4<*W^ZRJ-VKHY71MJIOL3AZ3GVW
M6A_MJOL3=.IZC;3K$&RS3+(W`D-72D\[&L,72\]O(6;KI28.>TLF<:^`5DT[
M^XO=%D[/,3MV6#L]'6D.6#X]RQCLN(+:>B!V7D39F1'FZZB+Z/^Q?+2TZ='1
M^FD;E;=8.SV7GELM87;1>Y1FS9_#O_[Q\SR]#8K^*VXLV6`W.TS7]:!W3
MY"ON>B=4#/."_\$=P!)FE2L,4?)7Q2C$I.DTX"L7C
$ST^W&YX.-"AC?,@>?4F(X*-H8/OC"2-`7 M$0DZ/N,:Y44\!H&BM>"E%\9_>OA`XRP])PNRO&,]/8'%O55:W'].SM+)IC]_ M#!#8.TL,#7T)H:$C-SWGDWQT1QT8-8J&Z2TG8D#I2P@H1=/"HT>,-<584XPU MQ5A37`IZSE=0CT^N%LAHX9W5\CB*>.0K07QUBP'&:'XP-V+C?`"(L<=H=\YI M[T6^OL"P9#0DO,[$B&7?(Y:KRLV7:1'&YZ1898E93>B/879,10J1V;T3UH8N MNYBL^Y@,,:_)__#>_O=%W\0YWSZ">JKS*#X?#@QHA@CBD$&WV)$,2[M?.,EJ,<7F,2SFPQQ$O\HX*(X1; MYHH1PLC8R-@8"?Q"(H'1D,9[18X1OQCQ"S/B%[V2'_3.AZ#L4AZ+*!&S';^K M1`LY9%<('$W1D2D^Y:1_ICN$
)@GL#D9!U=(KH7YF<;8RGU"S+ MX3D)"PW,CJAMI,'AH2"VM"_A`)<@-KHOX0#75(NK=TUC!9<@)KLOX0#7&RVN M7A2E%5R"6/"^A`-<[[2XWCG!]5Z+Z[T37!^TN#XXP76HQ75H']>4KJ;4N"H) M![@T_KZ2<(!+X^\K"0>X-/Z^DG"`2^/O*PD'N#3^OI)P@$OC[RL)![@T_KZ2 M<(!+X^\K"0>X-/Z^DK"/2Y0[IB_A`)?6WP=._'V@]?>!$W\?:/U]X,3?!UI_ M'SCQ]X'6WP=._'V@]?>!$W\?:/U]X,3?!UI_'SCQ]X'6WP=._/U4Z^^G3G.# MF1RI"P\:G3^ T6IU7,NA>T6JU8DN MA^X5GU:'OARZ5SQ:G0MSZ%X1:75TS*%[Q:35Z3*'[A655@?0'+I77%J=47/H M7I%I=8S-H7O%IM5)-]\F><6FU6$XA^X5FU;GY1RZ5VQ:':ESZ)ZQ:2/=\M0S M-@T:Z M-[4]@.7LPY(#GI8<0+N#,L-'=]J!=0C0*OUD0RQ.X&EQ`K0K/'3$B@58L0`K M%F#%`EP$O@RR@GHD@F4,<-$'RXY&>1.V2P9DK&V`M0W0)XV0V['@@=<%#]"Z M\"K_J=8`6`4!)/Z74@4!796_"X'6QZM&4IXK7BELNTR"`7+(Q1(4\-%N(=GM M \YJK]._\DZ M>%WU,*FZF/RH._E[4`J#%WV#Z'S/".IQD?^1TR,V,.=3>73''Q@BC>8'G-\P M%MJO6&@T(#Q"Q*!G#'K&H&<,>L9E'7A6@GIL@='-N(P#>@SQ(B^E,(RY9:P8 MQHQLC6R-\QRNC&8W]2AP#DS$P&59@,OHDGZA]\Y7D894B&=OQQG* \8I1%;URCO?3`8" G3G&1B+A);H M#^MA6))G84EH2WB`B!%*&*&$$4H8H82+/3\)"NH1!P8KX>+.O>V,\OX*XY9: M=HMQ2\CAKOT03`['$"8O0YC0HO"J':.9,)IIBT6`C6@F=$]^$CX&-KVLP":T M0^`Q3F9'`.?DAIWKTG$["Y==7R$7L[M%$)>2Z_[>KA?[E82+*+E1?=):Q`:R MV=6_Z%A$]T0*K"]A%=>W+%J&V:,BD$XA:A7I!:'.>F&(521L`^VGASNZ&)1_ M[>[O+6(Z"[,L9&.C^%J+6MT6T:4^;^3$A^'$KJ;,KD7&!,X]4R$7AIM:@- MI%_#AVBY6AZOEJNX_)KEA> BY`/[`Y"(V*6]%M MO&$SBQHT`)PNRY(IL^3;*IO?ACG)S;_-T#]C44.Z`2591A9;S3FSQ@"T4I`LR++D!.IW6=^; M'PA6ABIAZV@U^&RM&*@+26Z(P>@I1"TC56*S:F]'\WFZ2HKUD!SE.2D$I]!* M82=H#3"Z6&-)7)%0R,J.Y(ZPU7%RLUXMR]>I 3U]@C0I+=T]5(,+T*=+C-6]K68Y9=1,LH#K.S-!FJB:ZM#5V. M4[KZ3>B$"$HWP*>P2@6#)E:13X QBOQ@.')Y$RM^T12O4Y1'\[]6$=T] ML'-Q9E/48YA@-FQF\=Q)"=<5-CHTOX<1VY70)6NTO%IE> -5X1"78=@S_4W:]0%[0\5U "9=WL?9Y1U?,/L*/CW^04+XQ40K;1SO@:8JB MA:M1EA[_*X7MHV7=[P L]C:B%?=P##NP4 M+>SC/H[3G"['C%'WY:V\U*#[I8+$I7FCT!FZA,6$8E:Q-K?;1]G"9SNF/+ M)- ZO M;L.L.$H6C?1Z99BPE,1,VEC.\VE"<1IQRX@;J:I/XWB5ERN7_+_#+`JOHC@J M'F?754BF.KGJD#]C6<-94IZGS+(O)% 7AV68UY 7^I:LPH9!U=(I5F4S.-L93:LKE\(A3.RA$;2,-#@\%YX]]"0>X M!.?G?0D'N*9:7%,GN`3G]GT)![C>:'&]<8)+<%_0EW"`ZYT6USLGN-YK<;UW M@NN#%M<')[@.M;@.[>.:[N]K_'TEX0"7QM]7$@YP:?Q])>$`E\;?5Q(.<&G\ M?27A`)?&WU<2#G!I_'TEX0"7QM]7$@YP:?Q])>$`E\;?5Q+V<8G>%_0E'.#2 M^OO`B;\/M/X^<.+O`ZV_#YSX^T#K[P,G_C[0^OO`B;\/M/X^<.+O`ZV_#YSX M^T#K[P,G_C[0^OO`B;^?:OW]U)*_YR>;)N\U5+(VL>K?;<@E;>(\)V&>)A>$ MG163196M/6)IW5@VERQ=GBZ79!&%!8D?OV5D3MAI_3>21:G@P<)3_$V[NI>7 ME)_3K,1XEA9E0CNR.$TV27-5:AHUMZ$1N\F\3-G);P7J"P/;1RX1LSGF70CB M@VVUM$N\YECMX/PUNKDE>?&/%45`LOA1^?V5PE;O!85`U'-!U<8]]J&X[6#^ MDGXWGAPJ69OC*\2AGAJ*)LZ1#T1M_7V!^MD5E+=69>?L9MO@(MRPF0L-&D]W MCLO,!H)5E$D;&]C+'L_2$[)8S Z5?;3O$[5;Y)VWIO M:Z=7I^,WX-N[.EWIXM"?LNA;6#E9NZ>\<4/,'L &4!7@K1%TB%5V%R$4=(A5>5LI%'2&]B$J^6#_<-$+<;>((N>YAJK:%#=R- MX+D+ 2%VOMH%3U`HG;-+&)79)J(A&W"5B<[#.<-(]PZ>_5M%] M&-.5I3EH43,;&ES>1EGQJ+5!B9@#A`I[DTO:QRFQ+:&0?70Z8)8QF=B,4KB- M]HD+5Y?EJO>6K3K@AA5WY35(+17=W@%[UB]2VJVS#1*TH(3I&G?O`14HW/T* MIVO8O?=5,&'WZYYN:DO[@/]"4`MUK4'OQ18H#;K%4M>@>\^Y(((6'5>N\?>> M?8'"+ZNMN@;?>QL&&GQCI<1YJ;?]!J7`P**K7"G8;&M8?Y4K`YN%MRR]RI6# M3=6#ZJ]RE6#3N%$Q5JX*;$;?O?@JUQ,V[RLKLG(58*\".D5;.6C8U*^HY &+J\!R%;R@]V9Q#@X<-I4+*\ARZ+")6EY9EN.'S
AL+"M#R_'#9EGS PN;NGP7GSQO0-;+Y65.+E"L#F:7UE7JX';,(VJ]++ M=?&"KX6U>[D&L'E[>.U>KA=L%C>KX\MU@4WJ9C5]N2ZP67Q085^N$FQB-ROR MRW6!3?*OWRMR]>$/\V!7ZY@GXL#.0%?[D>?BP,!M3[Y8IYL4KHE@+FX+U8 M((CK`W,5/%D+2.L% (BPAS%;R@_TZ!88X=-L^+BP]S[+!Y75R8F#_] M](+`.T6+.78ON-FP<#'7R0N>UE -M<#-H\+$XURZ+#96Y9TE*.' M3<^*[(A<`=C\W*_NS7'#YN-^]6^.&S8']ZN#USE48/-MOWQX#1PVN?;KB]?` M8=-KOP!Y#1PVJ_8KE-?`_:'1JH1Y#=P?$JUJG-?`_>'/J@AZ#=P?WJRJI-?` M_2'.JHQZ#=P?YJSJK->)NOQASJH0>PW<'^:L*K77P/UASJJ4>PW<'^:L:KW7 MP/UASJH8?`W<'^:LJL77P/UASJJ`W<)^9LO-X*@&?RZA>DKX'[Q)Q!@SF! MY_'JE[2O@?O$G$.8%G[^H`;S`G\-Q='>`-Y@2>M*L#O,& ,]J'5X0 M=M%%%L-*&]:JPF;?C:KE4P]>P?$L+
+UEU9`#PUETR)A@*P.5M ]"5=IS"GAV+J4F#2U@4[CN76T`/#57%S][8"1_710`3\[5U:;Q M?O.X3`K56!L"S])5@CY+3\AB-6>0Z.*0)4#A&5,NPP?2_"ZPZ;S[77YC^7@J M+OG,4EG1S6+;=<%F]EYU>O8B+R;W85);\WY>1/60/@V;FZJM2'+=6. M7QPEP??&@X\`@&?RD@Z&Z+OZM920GT`!3]XE*"C>?:L<`$_A)5)!4`X/>!8O M@1:=W1KP]%T"!3H99@+@V;MD&C0NW(#G\))HT+S/!Y[)2Z#!1532X_H=_T83 MX'F]!)J(@Q$"X$F^!*7NVR7D:SU@<[94#P%9`$_J)5.E'?D8`$_I)=.BH0!L MSA8H("IM7VL#F\`O;Z.L>)1;-VSR[J`7V31L[FXKT+5DV*S=QKZ!#3QM5PU; M9;6;Q%W_];JCPA?ZG]5O_FUO;W(2+4G",N]/3LAUN(J+?+*W5_U:T*ZE.]TV MDJ3,R5W]M*7]]^_?7_VU"I-B+V=E'/-7\W3YNE2?E6.@&\]51C:JGI`BC&*Z MP`@_Q65MG/P?K&U9`3+_[=7%J\I?G9$5'9'XO\-X1:HT-FL\4<&ZWJ?_-SV< M,*5X%_0_6"^OJVXF53\3UM'D!^_J;RK4Z&["^IM4'4[6/4[*+B=EGZV90;?- MK3&A_QT6:?U5;S-RW9X0.9F_NDGO7R](])J]H&3_V&/_V-L/]@Z"5P_YXM_I MC_YYDLY7#%WCA(7_Z.@ARGD',=MM_?*348O7=I&?E--<`90+/*NM\>F]MZBF M=]O>!HPTLSX1>FYQ:&^@[2W+JDF;9=TYVSX8^TI"IH?`QA1R3V19`S$*#4PI MZ=#2M*/
(,Y@>?HZ@!O,"?P9%QMX-,& M
E>CA\W/_)MTM6C=E07`4W/)
ME&@H`)NSQ77LNS,)-GW7CR6$NG3F$VQ"5ZO24`,VO7])O^LGE1_T+E2E/:>`
M9^=2:M+0`C:%Z][5!L!3GC%UH**QUP/G]A:5`&9Z^$3
M92O.3]_Y1-_];`Q<"]A$WBNBS",A8'.XJK0RUP`VD^N*+7,M8'-WJR(SAPR;
MGV6UFCEZV*PLJ^+,T/V8+-MJ]8TAPR;7KO5J#EJ^'2ZP0J;1TWJ6'--8'.JIK0U5P(VM6Y9
MU9HK!YM[Y=6N.7[8-*RO?LWU@$W'ZHK87`?8O&Q8')L'I<-F9K-"V5P7V)3=
MJZ3-8
;3_X
MM,9WRZ?S7FV&"O-KC75WHR7%/W3G51KOY&MYZ/+\M#9V,W,^H4=WP-&"X^I\
M`[D.DA'"Y#J+IS&@6$V!>NCQ!G(9'#,:Y?'A\^#D+W])/DOHMKW(HJLRQ3^K
M>%O&.GQM79EM8!LW=*K%8/1BU#97$$]V
MR*TM?"SJ3X_/;6R@$6_HS,?Y<=%VBG#K@I`78%OX!S`2`&P+_RV,./\MX3/3
M[<;U@XT@&.=2!Y];8A@IVIGK+?XH'X1A!"D:&%[28_`H6@Q$2AK-91C&C3I[
MP'&6GI,%6=ZQGI[$ZMXJK>X_)V?I9-.C3T8([#TFAI2^A)!2-#_W$WUTQQ\8
M;8K&Z34W8B#J2PA$1?/"(TF,4<4858Q1Q1A57!*^$,Z">ER"X:NX!`1I3J.\
M-,/(UI8I8V0K,CU`UP23Z3'H]>4$O:*1X1,`C(?%>-C!2P5G\;#HL7Q<%LB_
MH6GPH+B-VQ!:E1[^A-.*M$#3!FC:=HS(-O:AD;GJMFYU,8O8%;4`@%L;R2MJ
M`0"W-L)7U,(];GWDKZ@%E/A'`^H;8K;.C]R>5D&X4<.[JP4RFGAWM4!&&>^L
MEL?1Q[@:Q)>Y&)B,)@AX0S;.!X(8LXRV!X+^7N3+#`QG1F/":TZ,='X)D 46-2SWRBE8V/;S6G5OU
MW;Q3$\>MDK6)=?T1UY>'99C7ES1<"*:OOH65&^XD685QY?ZEJS"AD'5TBE69
M3,XVQE-JRN7PB%,[*$1M(PT.#P7GCWT)![@$Y^=]"0>XIEI<4R>X!.?V?0D'
MN-YH<;UQ@DMP7]"7<(#KG1;7.R>XWFMQO7>"ZX,6UP W9D(II%!:_2+_3"#C)\99-">\.`1D\=@\AA,
M'H/)8W#1YRE)03WRP+PQN,B#83^CO.O"E#$MV\64, (,Y@>?H
MZ@!O,"?P9%QMX-,& E>CA\W/
M_)MTM6C=E07`4W/)E&@H`)NSQ77LNS,)-GW7CR6$NG3F$VQ"5ZO24`,VO7])
MO^LGE1_T+E2E/:>`9^=2:M+0`C:%Z][5!L!3 29?R+%JDD&(?'\((6&KA,A
MY*4?I*#9@A%"YOHG4:LU#9TF]MEV&@Y=-4+(>V^FJW(Y"2'U_19JP$AZ;P9<
ML2`%D>E^L!9`$MP/LG3QHA9$@OLM]0"2TGZ;56;;A09PT_N,ZB@<0^$PC0^:
M%4;O8+H>W]+UC,J>1OG$&M/RH('@V\:D=]J.Z7=@O+975/?;R<@.VD96=5-:
MRZ3N:,)[`F]RP"+C,#&/GXEY1FYLSJ?UZ,XI,&4/FJ)'O(?)?/Q,YH/&A`>%
MF.8'T_Q@FA],\X/+/>\8"NHQ!R8`PN4=`.,9Y;T5I@9J&2ZF!D(6=^Z(8+(X
M)@WR.6D0FA1>N6,Z(4PG!#6=$/HGWRB_]YWDV5<4HK:3#6E10TXW)`6/1NK<
M2)_#'"PA524D4@K;23F0A#>E-;%'F^KL"#))&SB;1^KLFH!D]]&I0F=$$$9T,:GL$H%@R96D4^'(Y Y;6%85>M1W^HI7U(%F09 JED\]>`7'L[0HDRV3Q6FRJ571T`HV-7=KTZ^+WM7H8?,S
M_R9=+5IW90'PU%PR)1H*P.9L<1W[[DR"3=_U8PFA+IWY!)O0U:HTU(!-[U_2
M[_I)Y0>]"U5ISRG@V;F4FC2T@$WANG>U`?#47%W\[(&1_'51`#PY5U>;QOO-
MXS(I5&-M"#Q+5PGZ+#TAB]6<0:*+0Y8`A6=,N0P?2/.[P*;S[G?YC>7CJ;CD
M,TME13>+;=<%F]E[U>G9B[R8W(=)<9G2+\/S]344@LWO785F"2EW(K/KHVOJ
ME:E*%[?I]Z97ADWT77T:J<>X0N7TRQH:P>;]WI23/V4-@&?GZJI2'[94.WYQ
ME`3?&P\^`@">R4LZ&*+OZM=20GX"!3QYEZ"@>/>M<@`\A9=(!4$Y/.!9O`1:
M='9KP--W"13H9)@)@&?ODFG0N'`#GL-+HD'S/A]X)B^!!A=128_K=_P;38#G
M]1)H(@Y&"(`G^1*4NF^7D*_U@,W94CT$9`$\J9=,E7;D8P`\I9=,BX8"L#E;
MH("HM'VM#6P"O[R-LN)1;MVPR;N#7F33L+F[K4#7DF&S=AO[!C;PM%TU;)75
M;A)W_=?KC@I?Z']6O_FWO;W)2;0D"(B91GAT)/)&HM87];1I3\F$9PNH@
M5>'R7B#G`&-)F(H1U8A;L2"ZI*5?,[GA&=>DXRJ7M'(?7.928'S6PZ$;Y0%-
M+5J<*`.2Q.)$HA:1YCS/&\MC>6,"6-'")NYSE@IQ=OWI85XF12Q-3(]=W
:7&]
B&QK#9A8U:``X7=XQCS=+OJVR
M^6V8D]S\VPS],Q8UY&GUMIIS9HT!:*.<;^I&;F;;+#DG47)/\H(L3J+[:$&I
MB]V/M:Z6]*KM\!>ME/2H\U91O\OZWOR@KY)2V#I:#3Y;):/J))*ZT5.(6D:J
MQ&;5WH[F\W25%.LA.
7&2EOYI'V<$ML2"ME'IP-F&9.)S2B%VVB?
MN+!U6
(?;"-^)$?\"`SQ
M(Z.('W$0/_(`\2,EXD=6$2>/(