The Fund seeks to achieve its investment objective by investing, under normal conditions, substantially all of its assets in a combination of exchange-traded options contracts on an underlying ETF (Underlying ETF). The Underlying ETF (initially expected to be the SPDR S&P 500 ETF Trust) is an ETF that seeks to track the investment results of the S&P 500 Index (the Underlying ETFs Index), which measures the performance of the large-capitalization sector of the U.S. equity market, as determined by S&P Dow Jones Indices LLC. The Fund uses an options strategy that seeks to produce investment outcomes based on the performance of the Underlying ETF, subject to an approximate upside limit typically between 4 percent and 5 percent (Hedge Period Cap), while also seeking to provide protection against Underlying ETF share price declines of up to a 10 percent limit (Hedge Period Buffer), over a designated period (typically 90 days, but may be up to 120 days, after portfolio rebalance) (each, a Hedge Period). Periodically, the Fund may bear a first loss of 2 percent when doing so permits the Fund to maintain a higher Hedge Period Cap, as explained below. The Adviser seeks to monitor the performance of this Options Portfolio (as defined below) and may rebalance the portfolio (by liquidating all or a portion of the Options Portfolio) at any time to protect capital or lock-in some portfolio gains of the Fund (Upside Ratchet), depending on its evaluation of market conditions. If there is an Upside Ratchet, the Hedge Period may be shorter. The Fund does not pursue a defined outcome strategy. Defined outcome strategies seek to produce pre-determined investment outcomes based upon the performance of an underlying security or index. The Fund is actively-managed and the Hedge Period Buffer may not protect the Fund against losses. Each Hedge Period is measured from the time of the Funds investment in the Options Portfolio, not from the time that an investor purchases shares of the Fund. At the time of purchasing Fund shares, an investor may be unable to determine the Funds position relative to the Hedge Period Cap and Hedge Period Buffer.