The fund is actively managed that seeks long-term capital appreciation and a risk-adjusted return relative to the S&P Merger Arbitrage Index through a merger arbitrage investment strategy. This strategy provides long exposure to takeover targets involved in mergers or corporate actions, and short exposure the acquiring company to hedge the acquirers stock price decline. Both long and short position in the fund can be in a form of equity, debt or derivative securities that are primarily listed on an exchange or marketplace in Canada, US, Australia or Europe. The fund uses the cash generated from its short positions for an additional long position. As a result, long portfolio may have up to 200% exposure and short portfolio up to 100% exposure, resulting in a net long equity exposure of 0-100% range.