Strategy. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in investments in companies that are included in the Funds benchmark. These investments may include equity securities such as common stock, preferred stock, warrants and other rights to acquire stock, options, and derivatives on equity instruments that generate premium income for the Fund. The Fund seeks to achieve its objective by investing primarily in a portfolio of stocks comprised significantly of those included in the Funds benchmark and selling call options with exposure to the benchmark. The Fund will generally seek to maintain style, capitalization and industry characteristics similar to its benchmark. The … Show more… The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in investments in companies that are included in the Funds benchmark. These investments may include equity securities such as common stock, preferred stock, warrants and other rights to acquire stock, options, and derivatives on equity instruments that generate premium income for the Fund. The Fund seeks to achieve its objective by investing primarily in a portfolio of stocks comprised significantly of those included in the Funds benchmark and selling call options with exposure to the benchmark. The Fund will generally seek to maintain style, capitalization and industry characteristics similar to its benchmark. The equity portion of the Funds portfolio will generally be invested in the benchmark components in approximately the same weighting that such components have within the benchmark at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the benchmark in the approximate benchmark weight. The Fund may also invest in pooled investment vehicles, including exchange-traded funds (ETFs) and unit investment trusts (UITs) for cash management purposes. The Fund is managed in a way that seeks, under normal circumstances, to provide monthly distributions at a relatively stable rate with performance that captures the majority of the returns (and risk) associated with the benchmark. The Investment Adviser measures the Funds performance against the S&P 500 Index. To generate income, the Fund employs a dynamic options overwrite strategy whereby the Fund sells (writes) call options on a varying percentage of the market value of the equity investments in the Funds portfolio (the Option Strategy). The Fund expects that, under normal circumstances, the overwrite level (i.e., the ratio of the notional value of call options sold by the Fund to the market value of the equity investments in the Funds portfolio) will be between 25% and 75% of the value of the equity investments in the Funds portfolio. The Fund generally expects to sell call options on underliers that provide economic exposure to the Funds benchmark, such as an ETF that seeks to track such index, and not on securities of issuers included in such index and held by the Fund. The Fund is an actively managed ETF, which is a fund that trades like other publicly traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index. The Fund may invest in FLexible EXchange Options (FLEX Options), other types of listed options and over-the-counter (OTC) options. FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange. Through FLEX Options, the Fund could customize key contract terms such as exercise prices and expiration dates. The Funds investment strategy may cause a significant portion of the distributions to shareholders to be treated as a return of capital. Additional sources of distributions may include but are not limited to income received from investments that provide exposure to equity securities of companies that pay dividends. During periods in which the equity markets are generally unchanged or falling, or in a modestly rising market where the income from premiums exceeds the aggregate appreciation of the underlying index over its exercise price, a portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy. However, in rising markets where the aggregate appreciation of the underlying index over its exercise price exceeds the income from premiums, a portfolio with a call writing strategy could underperform the same portfolio without the options. Additionally, the Funds investment strategies may involve active and frequent trading resulting in high portfolio turnover. The Fund will rebalance the portion of its portfolio that invests in companies included in the Funds benchmark index in accordance with the rebalance schedule of that index. Show less