RLY aims to achieve real return consisting of capital appreciation and current income through a fund-of funds structure. The funds active manager considers real return to be a rate of return above the rate of inflation. RLY uses a proprietary quantitative models as well the fund advisers fundamental views on qualitative factors to allocate exposure across asset classes via ETFs, including equities from developed and emerging markets, government bonds, TIPs, commodities (through the use of derivatives) and REITs. In the fund advisers view, the funds allocation among these asset classes should be consistent with its stated goal.