EFA). QMN currently captures a less than 1% short exposure with a long position in ProShares Ultrashort Russell 2000 ( TWM). The fund's largest exposure currently is in very short term U.S. bonds with four different ETFs totaling 58% of the fund. One segment that appears to be unavailable to the methodology employed by QMN is the commodity market. At times commodities have a very low correlation to equities. In the last five years as the S&P 500 has declined 6% the SPDR Gold Trust ( GLD) is up 136% and the iShares Silver Trust ( SLV)is up 152%. Five years is a longer timeframe than most hedge funds think about but commodity exposure might be able to enhance the low correlation effect. The fund factsheet includes information that the index' largest drawdown occurred in 2008 with 6.25% decline versus a 36% decline for the S&P 500. That is encouraging for the next time the stock market goes down a lot.