Strategy. The Fund employs an investment approach designed to track the performance of the Cboe Aristocrats Index before fees and expenses. The Cboe Aristocrats Index is designed with the primary goal of generating an annualized level of income that is approximately 10% over the annual dividend yield of the S&P 500 Index and a secondary goal of generating limited capital appreciation based on the returns of the equity components of the S&P 500 Dividend Aristocrats Index. About the Indexs Strategy The Cboe Aristocrats Index, constructed and maintained by the Cboe Global Markets Inc. (Index Calculation Agent and/or Cboe), is designed with the primary goal of generating an annualized level of income that is approximately 10% over the annual dividend yield of … Show more… The Fund employs an investment approach designed to track the performance of the Cboe Aristocrats Index before fees and expenses. The Cboe Aristocrats Index is designed with the primary goal of generating an annualized level of income that is approximately 10% over the annual dividend yield of the S&P 500 Index and a secondary goal of generating limited capital appreciation based on the returns of the equity components of the S&P 500 Dividend Aristocrats Index. About the Indexs Strategy The Cboe Aristocrats Index, constructed and maintained by the Cboe Global Markets Inc. (Index Calculation Agent and/or Cboe), is designed with the primary goal of generating an annualized level of income that is approximately 10% over the annual dividend yield of the S&P 500 Index and a secondary goal of generating limited capital appreciation based on the returns of the equity components of the S&P 500 Dividend Aristocrats Index. The Cboe Aristocrats Index investment strategy includes: buying an equally weighted portfolio of stocks of companies (Stock Portfolio) that are the members of the S&P 500 Dividend Aristocrats Index (SPDAUDT Index); and partially writing hypothetical weekly U.S. exchange-traded covered call options (Call Options) on each of the stocks. Stock Portfolio: The Stock Portfolio in the Cboe Aristocrats Index is rebalanced to be equally weighted each January, April, July and October and is reconstituted on an annual basis by selecting stocks that have options that trade on a national securities exchange and are members of the SPDAUDT Index during the January rebalance. The SPDAUDT Index, constructed and maintained by S&P Dow Jones Indices LLC, includes companies that are currently members of the S&P 500, have increased dividend payments each year for at least 25 years, and meet certain market capitalization and liquidity requirements. The SPDAUDT Index contains a minimum of 40 stocks, which are equally weighted, and no single sector is allowed to comprise more than 30% of the Index weight. If there are fewer than 40 stocks with at least 25 consecutive years of dividend growth or if sector caps are breached, the SPDAUDT Index will include companies with shorter dividend growth histories. Call Options: Each stock in the Stock Portfolio is partially overwritten with an exchange-traded-call option on that stock. Each exchange-traded call option included in the Cboe Aristocrats Index is a hypothetical European-style option (i.e., an option which can only be exercised at the strike price at its expiration) with an approximate term of 7-days (Term). The strike price (i.e., the price at which a call option can be exercised) of each call option included in the Cboe Aristocrats Index must be as close as possible to the closing price of the options underlying stock price as of the beginning of the Term, the last business day of the week. Each such option will automatically be deemed exercised on its expiration date if its underlying stock price is above its strike price. If the stock underlying the call option closes above the options strike price, a cash settlement payment in an amount equal to the difference between the strike price and the closing price of the stock is deemed to be made and the Cboe Aristocrats Index value is correspondingly reduced. If the underlying stock does not close above its strike price, then the option expires worthless and the entire amount of the premium payment is retained within the Cboe Aristocrats Index. The Call Options are rolled at the end of the Term, into a new set of Call Options with a new term of approximately 7 days. The Cboe Aristocrats Index is designed to vary the number of Call Options written over the Term such that the Stock Portfolio is partially overwritten with Call Options. The number of Call Options written is determined at the start of the Term such that total annualized income per unit of investment expressed as a percentage over the calendar year (Annualized Yield) from dividends received from the Stock Portfolio and the premiums received from the Call Options is approximately 10% over the annual dividend yield of the S&P 500 Index. The Cboe Aristocrats Index may utilize Flexible Exchange Options (FLEX Options), which are customized equity or index option contracts that trade on an exchange, but unlike standardized exchange-traded options provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. The Cboe Aristocrats Index is published under the Bloomberg ticker symbol SPAI. About the Funds Strategy The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Cboe Aristocrats Index whose risk, return and other characteristics resemble the risk, return, and other characteristics of the Index as a whole. Under normal circumstances, at least 80% of the Funds total assets will be invested in component securities of the Cboe Aristocrats Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The Fund intends to invest in a sample of the securities in the Cboe Aristocrats Index with a view towards making quarterly distributions at an approximate rate of 10% over the annual dividend yield of the S&P 500 Index, before fees and expenses. The Fund may invest in the entire Stock Portfolio or a representative sample of the Stock Portfolio whose risk, return and other characteristics resemble the risk, return, and other characteristics of the Stock Portfolio as a whole. The Fund will seek to reconstitute and rebalance at or close to the same time as when the Stock Portfolio is rebalanced. The Fund may sell standardized exchange-traded call options or European style FLEX Options that reference the stock that the Fund may invest in. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (OCC), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the buyer for every seller and the seller for every buyer, protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. OTC options are options that do not trade on an exchange. Additionally, the Fund will seek to reduce or eliminate the portion of its distributions that are characterized as return of capital for tax purposes and may engage in transactions designed to generate earnings and profits by undertaking taxable sales of assets. The result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current shareholders. Show less