| Investment Objective: |
The Fund is an actively managed exchange-traded fund ("ETF") that seeks (i) to generate cash distributions based on a targeted annual cash distribution level of 25% (the "Annual 25% Target"), and (ii) capital appreciation. The Fund's strategy combines (1) synthetic long exposure to the common stock of TSLA (the "Underlying Security"), and (2) the use of options strategies designed to generate premiums. The Fund will also maintain an allocation to cash, money market funds, or U.S. Treasuries (generally 50% to 100% of assets) to provide liquidity, serve as margin, and collateralize its derivative positions. Separately, the Fund employs various options strategies focused on generating premiums. Generally speaking, the Fund sells (writes) options on the Underlying Security, receiving premiums from counterparties that pay for the right to buy or sell at a set price. These premiums are an important driver of the Fund's distributions. gains or increase downside risk. The options strategy most frequently utilized by the Fund is called a covered call spread, which is a type of selling credit spread. The Fund uses covered call spreads to earn premium by selling a call option while buying another at a higher strike, with both profit and loss capped. |
