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.
Under normal circumstances, the fund primarily invests in U.S. equities and simultaneously selling a call option against those stocks. It may invest in companies located both within or outside the United States (including companies organized or headquartered in emerging-market countries). 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 exchange-traded funds (ETFs).