The Fund is an actively managed exchange-traded fund (ETF). The investment objective of the Fund is to seek to provide long-term capital appreciation. The Adviser and Parametric Portfolio Associates LLC (the Sub-Adviser) seek to fulfill the Funds objective by (1) investing in an underlying base portfolio of equity securities (the Equity Portfolio) that primarily include equity securities of companies included in the Solactive GBS United States 500 Index (the Equity Portfolio Index) and (2) generating incremental total return via beta-neutral call overwriting that combines selling call options on the S&P 500 Index (the Underlying Index) with offsetting long equity exposure, including through investment in futures on the Underlying Index or in options on the Underlying Index or on the SPDR S&P 500 ETF Trust (the Underlying ETF), including Flexible Exchange Options (FLEX Options) that reference the Underlying Index or Underlying ETF.