The investment seeks long-term capital appreciation with a high degree of downside protection and reduced volatility relative to the broad U.S. equity market.
The fund normally invests in in-the-money (ITM) buy-writes on U.S. equities and writes out-of-the-money put options on U.S. equities. It may also write (sell) in-the-money call options on equity indexes and/or ETFs and may write call options on individual securities that it does not hold in its portfolio. The fund is not limited in the percentage of assets it may invest in any one country, region or geographic area. It may invest in initial public offerings (IPOs) and in ETFs.