Avalon Diversified ETF: Invests in a strategically allocated portfolio of liquid, broad market and industry sector exchange-traded funds with long trading histories. The use of liquid ETFs enables the portfolio to maximize liquidity and target specific economic sector exposure while minimizing the risks inherent in holding individual stocks. The portfolio employs two complementary investment analyses, one for the analysis of the macroeconomic environment and a second for the selection of securities. The portfolio's objective is to outperform the S&P 500 index over a full market cycle through investment in a diversified portfolio of exchange-traded funds. At times the portfolio may hold a significant allocation to cash or fixed income depending on the Manager's view of opportunities in the equity market.