CRMVX

Potomac Managed Volatility

The Potomac Managed Volatility Fund seeks total return.

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Objective

The Potomac Managed Volatility Fund (the “Fund”) actively allocates the assets across fixed income and alternative investments that demonstrate low volatility and favorable risk adjusted returns. The Fund’s investments in alternative underlying funds generally provide exposure to assets that are not designed to closely track or correlate to the performance of the general equity and/or fixed-income markets. The Fund may also invest directly in derivatives, such as futures contracts to provide leveraged exposure to a particular market index.

Risk-managed policies employ the use of cash during adverse conditions; these positions could at times be 100%.

Portfolio Managers

Manish Khatta

Chief Investment Officer

Dan Russo

Director of Research

Fund Disclosures

Investors should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the Funds. You may obtain a prospectus on this website or by calling the transfer agent at 1-888-774-6679. The prospectus should be read carefully before investing.

Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance shown. You may obtain performance data current to the most recent month end by calling 1-888-774-6679.

An investment in the Funds is subject to investment risks, including the possible loss of the principal amount invested.  There can be no assurance that the Funds will be successful in meeting their objectives. The risks associated with the Funds, detailed in the Prospectus, include the risks of investing in exchange traded funds (ETFs).  To the extent a Fund invests in ETFs and mutual funds, the Fund will indirectly bear its proportionate share of any expenses (such as operating expenses and advisory fees) that may be paid by the underlying funds. These expenses would be in addition to the advisory fee and other expenses that the Fund bears in connection with its own operations. Investment in an exchange traded fund (ETF) carries security specific risk and the market risk. Overall stock market risks may affect the value of the Funds. These risks include the financial risk of selecting securities that do not perform as anticipated, the risk that the stock markets in which the Funds invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. There also may be risks associated with the Funds’ investment in a specific sector, and non-diversification. The Funds may also engage in short-term trading to try to achieve its objective and may have portfolio turnover rates significantly in excess of 100%. Each Fund may use futures contracts. Futures contracts may adversely affect a Fund’s net asset value and total return. Use of futures contracts will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an instrument and results in increased volatility, which means the Funds will have the potential for greater gains, as well as the potential for greater losses, than if the Funds did not use instruments that have a leveraging effect. Leveraged ETF Risks – The net asset value and market price of leveraged ETFs are usually more volatile than the value of the tracked index or of other ETFs that do not use leverage. Inverse ETF Risks – Inverse ETFs seek investment results that are the opposite of the daily performance of an underlying index or basket of stocks. Investors will lose money when the Index rises – a result that is the opposite from traditional funds.  The Funds may invest in underlying funds that hold fixed income securities and foreign securities. Fixed income securities fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities.  Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. These risks include adverse political, social and economic developments, differing auditing and legal standards, war, expropriation and nationalization.

Distributed by Arbor Court Capital, LLC – Member FINRA / SIPC