| Investment Objective: |
The Fund is an actively-managed exchange-traded fund ( ETF ) that seeks to achieve its objective by (i) investing in one or more other ETFs that seek exposure to the performance of non-U.S. equity securities (from both developed and emerging markets) or directly in the securities held by such ETFs (collectively, the Underlying Investments ) and (ii) selling and purchasing listed short-term put options to generate income to the Fund (the Overlay Strategy ). The Overlay Strategy seeks to generate income for the Fund by utilizing a put spread consisting of the sale of exchange-listed short-term put options ( Short Puts ) with a notional value (strike price times the value of the shares) up to 100% of the Fund s net assets and the purchase of an identical number of short-term put options ( Long Puts ) with a lower strike price. The Fund seeks to generate income from the sale and purchase of put options with a lower strike price to hedge against a decline in the options underlying asset, the MSCI ACWI ex US index. |
