FARX is an actively managed fund-of-funds that uses an absolute return approach to invest in a wide range of asset classes. The portfolio holds 6 to 20 underlying ETFs that provide exposure to equities, fixed income securities, commodities, and currencies without any constraints to investment size and style, geographic location, and denomination. The fund has no asset allocation targets and may exhibit an asset class bias at any given time. The asset allocation mix is determined through a mean variance optimization process, focusing on expected returns, standard deviations, and correlations of different asset classes. The ETF selection process includes quantitative, qualitative, and manager edge to filter funds based on their ability to provide low-cost asset class exposure and add value on either an absolute or risk-adjusted basis. Other factors such as market conditions, valuation metrics, risk profiles, and expected growth potential are also considered.