| Investment Objective: |
The Fund is an actively managed exchange-traded fund ("ETF") that primarily seeks to generate cash distributions from options premiums. The Fund's strategy involves holding shares of unaffiliated passively managed ETFs that seek to track the performance of the Index ("Index ETFs") and selling daily credit call spreads on the Index. Rather than purchasing shares of Index ETFs directly, the Fund creates synthetic exposure by combining long call options with short put options on the Index or Index ETFs. Together, these positions are designed to replicate the price movements of the Index, subject to limits on potential gains created by the sale (writing) of options. The Fund has also established a target annual cash distribution level of approximately 30% of its net asset value (the "Annual 30% Target"). In practice, the Fund's options strategies are designed to seek monthly distribution levels of roughly 2.5%, which, when annualized, correspond to the Annual 30% Target. The Fund aims for consistent distribution levels, primarily relying on the options premiums generated from selling the call spreads. |
