The Portfolio Manager shall be obliged to perform its obligations in accordance with the terms of the Portfolio Management Agreement and shall be obliged to use all reasonable endeavours, in the course of carrying out such obligations, to pursue an investment strategy that seeks capital appreciation through investments mostly in exchange traded products (“ETFs”) and leveraged ETFs. It has an active strategy whose goal is trying to keep 25-85% of the Portfolio invested in ETFs, 5-25% of the Portfolio invested in individual companies and up to 65% of the Portfolio in cash. These percentages can vary from time to time and do not limit in any way the Portfolio Manager in reaching his objectives. The Portfolio Manager intends to generate alpha actively trading the Portfolio depending on market conditions and volatility.