| 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 to obtain exposure to the performance of U.S. large cap equity securities 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 Fund s 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 S&P500 Index, which consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. |
