The fund seeks primarily capital appreciation in the long term and secondarily current income by investing in companies across any size in the United States.

The investment process is designed to highlight companies engaged in the Internet and Internet related activities and whose businesses are vastly improved through the distribution of content and reduction of costs with the use of the Internet.

Next, the research team f More

The fund seeks primarily capital appreciation in the long term and secondarily current income by investing in companies across any size in the United States.

The investment process is designed to highlight companies engaged in the Internet and Internet related activities and whose businesses are vastly improved through the distribution of content and reduction of costs with the use of the Internet.

Next, the research team focuses on companies that are estimated to trade below their fair values participating in the growth of the Internet.

Then the team assesses a company’s positioning and business model as well as its ability to grow and expand its activities via the Internet.

In addition, the team also assesses whether a company is able to achieve a competitive advantage in cost/profitability and brand image leveraging via use of the Internet.

The team also reviews a company’s balance sheets, corporate revenues, earnings and dividends.

Furthermore, the team looks at the amount of capital a company currently expends on research and development.

Generally, the team favors companies with excellent alignment of interest and high barriers to entry, such as growing information library, scalability and network/adoption.

Then the manager constructs a portfolio of stocks from a list of companies in the benchmark index favored by the research team and allocates capital based on its conviction level.

The manager looks to invest in companies that provide new kinds of services or products made possible by development or improvement of Internet-related technologies within a variety of sectors.

The fund may also invest indirectly in bitcoins exclusively through a Delaware statutory trust, Grayscale Bitcoin Trust.

The fund may also invest in exchange-traded funds, and may invest up to 20% of its net assets in convertible and non-convertible debt securities rated below investment grade.

The fund may maintain a significant portion of its net assets in cash and securities during a temporary period of abnormal conditions.

Additionally, the fund may participate in securities lending arrangements with brokers, dealers, and financial institutions in order to increase the return on its portfolio.