Strategy. Principal Investment Strategies : The adviser seeks to achieve the Funds investment objective by investing primarily in equity securities of companies listed on the NASDAQ -100 Index and applying a downside convexity option overlay strategy to the equity investments. Equity Strategy The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, primarily by purchasing exchange-traded funds (ETFs) that invest in companies listed on the NASDAQ -100 Index. The adviser does not frequently trade equities but seeks to maintain consistent exposure to companies listed on the NASDAQ -100 Index. Downside Convexity Option Overlay Strategy Up to twenty percent of the … Show more… Principal Investment Strategies : The adviser seeks to achieve the Funds investment objective by investing primarily in equity securities of companies listed on the NASDAQ -100 Index and applying a downside convexity option overlay strategy to the equity investments. Equity Strategy The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, primarily by purchasing exchange-traded funds (ETFs) that invest in companies listed on the NASDAQ -100 Index. The adviser does not frequently trade equities but seeks to maintain consistent exposure to companies listed on the NASDAQ -100 Index. Downside Convexity Option Overlay Strategy Up to twenty percent of the Funds net assets will be subject to the Funds downside convexity option overlay. The downside convexity option overlay consists of purchasing exchange-traded and over the counter (OTC) put options on the NASDAQ -100 Index or a NASDAQ -100 Index ETF or broad-based equity market ETF. When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell a stock or other asset at a specified price (strike price) within a specific time period. The downside convexity option overlay is a strategic, persistent exposure meant to hedge against market moves and is intended to add convexity to the Fund. If the market goes down, the Funds returns may fall less than the market because the adviser will sell or exercise the put options. The adviser selects options based upon its evaluation of relative value based on cost, strike price (price that the option can be bought or sold by the option holder) and maturity (the last date the option contract is valid) and will exercise or close the options based on maturity or portfolio rebalancing requirements. The Fund anticipates purchasing options on a monthly, quarterly, and annual basis, depending upon the Funds rebalancing requirements and the individual option expiration dates. However, the Fund may rebalance its option portfolio on a more frequent basis for a number of reasons such as market volatility renders the protection provided by the option strategy ineffective or an option position has appreciated to the point that it is prudent to decrease the Funds exposure and realize gains for the Funds shareholders. While the downside convexity option overlay is intended to protect the Fund from losses, there is no guarantee that it will be able to protect the Fund from losses. Convexity in the Funds name is a reference to the mathematical term convexity. The Funds losses, if any, are anticipated to show convexity because the relationship between the Funds and market declines is not designed to be linear. That is, if markets decline in a linear fashion, the Funds returns are expected to decline slower than the market. Otherwise stated, the term convexity in the Funds name refers to the intended non-linear nature between the Funds and the market returns; it does not refer to the concept of bond convexity, which is a measure of the non-linear relationship between bond duration and changes in interest rates. Show less