BPAY

BPAY concentrates on the global fintech industry. The fund invests in companies of any market capitalization that generate revenue from the research, development, production, and/or distribution of technologies driving disruption in financial services. These include firms involved in payment systems, banking, investments, lending, insurance, and software. The fund also invests at least 25% of its net assets in financials and information technology industries (in aggregate), including IT services, thrifts and mortgage finance, consumer finance, capital markets, and diversified financial services. The fund may obtain exposure to foreign companies through ADRs. During temporary defensive periods, the fund may invest up to 100% of its assets in liquid, short-term investments. It may also use derivative instruments for hedging purposes or to enhance returns. As an actively managed fund, the adviser has the discretion to make necessary investment decisions to meet its objectives.