Strategy. The Fund seeks long-term growth of capital. The Fund pursues its objective by providing exposure to the price return of the Invesco QQQ Trust SM , Series 1 (the Underlying ETF ), while implementing a hedging strategy to reduce downside exposure. Hedging means structuring a portfolio to seek to reduce the risk of loss of an existing position. The Fund employs a hedging strategy, sub-advised by Milliman Financial Risk Management LLC, which seeks to produce investment outcomes based on the performance of the Underlying ETF, subject to limits on gains (a Cap ) and with the benefit of a buffer for losses (a Buffer ) for each tranche of options (as described below). The Fund, under normal circumstances, invests at … Show more… The Fund seeks long-term growth of capital. The Fund pursues its objective by providing exposure to the price return of the Invesco QQQ Trust SM , Series 1 (the Underlying ETF ), while implementing a hedging strategy to reduce downside exposure. Hedging means structuring a portfolio to seek to reduce the risk of loss of an existing position. The Fund employs a hedging strategy, sub-advised by Milliman Financial Risk Management LLC, which seeks to produce investment outcomes based on the performance of the Underlying ETF, subject to limits on gains (a Cap ) and with the benefit of a buffer for losses (a Buffer ) for each tranche of options (as described below). The Fund, under normal circumstances, invests at least 80% of its assets in investments that reference the Underlying ETF or in an underlying fund which tracks the same index as the Underlying ETF. The Fund invests approximately half of its assets in FLexible EXchange Options ( FLEX Options ) that reference the Underlying ETF and approximately half of its assets in the LVIP SSGA Nasdaq-100 Index Fund (the Underlying Fund ), which is advised by the Funds investment adviser, Lincoln Financial Investments Corporation. The Underlying ETF tracks a price return index, which captures only the capital appreciation component of the issuers in the Underlying ETF and not the associated dividend payments. The Fund, and therefore investors of the Fund, will not receive the benefit of such dividends. As of December 31, 2024, a significant portion of the Funds investment exposure was comprised of companies in the information technology sector. The Fund is not designed to track performance of the Index. FLEX Options Portfolio . FLEX Options are exchange-traded options contracts with uniquely customizable terms. The Funds QQQ FLEX Options have one-year terms and are based on the value of the Underlying ETF. The Fund invests in FLEX Options using a laddering technique, which means investing in several similar securities that have different maturity dates. The Fund will construct its portfolio so that each fiscal quarter, approximately 25% of the Funds FLEX Options will expire and the Fund will replace them with new FLEX Options. The Fund will therefore reset approximately 25% of its FLEX Options each quarter. The basket of FLEX Options transacted on a particular date is referred to as a tranche. The Fund will generally hold four tranches of FLEX Options. Each tranche consists of a combination of four FLEX Options contracts that provide exposure to the Underlying ETF up to a Cap along with limited downside Buffer protection against the performance of the Underlying ETF. Each tranche consists of the following: 1. purchased one-year near-zero calls that, in combination with the investment in the Underlying Fund, provide market exposure for the portion of the Fund whose FLEX Options are expiring. 2. purchased one-year at-the-money puts that provide limited downside protection for the portion of the Fund whose FLEX Options are expiring. 3. sold one-year puts with a strike price 12% out-of-the money to help establish the Buffer and fund the purchase of calls and puts. 4. sold out-of-the-money calls to help fund the purchase of calls and puts. The above description is a summary for illustrative purposes and necessarily does not reflect all factors that could potentially affect the Funds strategy. This combination of FLEX Options provides the resetting tranche, for one year after the reset date, with limited downside protection from declines in the Underlying ETF's value as of the reset date, while allowing the Fund to participate in Underlying ETF appreciation up to the strike price of the sold out-of-the-money calls. This gain potential for each FLEX Options tranche is subject to a Cap, a maximum investment return level, which is the strike price of the sold out-of-the-money calls in that tranche. Fund performance for each tranche of FLEX Options is subject to a limited upside return Cap, which is the maximum percentage return the Fund can achieve from that tranche before the deduction of Fund expenses. A Cap is set for a FLEX Options tranche when it is created, and Caps for future tranches may be higher or lower depending on the strike price of the out-of-the-money calls that must be sold to offset the expense of the FLEX Options purchased. Buffers apply to particular tranches and not to the Funds portfolio overall. In addition to normally scheduled quarterly FLEX Options transactions, the Fund will also typically transact in FLEX Options in order to reflect investments into or redemptions from the Fund. The Fund therefore may hold FLEX Options of various maturities, maintaining a more diversified exposure to a wider range of cap rates and buffers. The Underlying Fund: The Fund invests approximately half of its assets in the Underlying Fund and approximately half of its assets in FLEX Options. The investment objective of the Underlying Fund is to seek an investment return that approximates as closely as practicable, before fees and expenses, the performance of U.S. common stocks, as represented by the Nasdaq-100 Index (the Index). The Underlying Fund pursues its objective by investing in the securities that make up the Index, although the Underlying Fund may not invest in every security in the Index if it is not practical to do so under the circumstances (such as when the transaction costs are too high, there is a liquidity issue, or there is a pending corporate action). The Underlying Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. The Underlying Fund under normal market conditions, invests at least 80% of its assets, determined at the time of purchase, in the securities of issuers included in the Index. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. As of March 31, 2025, the market capitalization range of the companies comprising the Index was $14.11 billion to $3.34 trillion. The Index typically is rebalanced quarterly and reconstituted annually. The Fund will reinvest Underlying Fund dividends and distributions in additional Underlying Fund shares. The Underlying Fund employs a passive investment approach called indexing, by which the Underlying Funds sub-adviser attempts to approximate, before fees and expenses, the performance of the Index over the long term. The Underlying Funds sub-adviser invests in the equity securities comprising the Index, in approximately the same proportions as they are represented in the Index. Equity securities may include common stocks, preferred stocks, or other securities convertible into common stock. The Underlying Funds sub-adviser may sell securities that are represented in the Index, or purchase securities that are not yet represented in the Index, prior to or after their removal or addition to the Index. The Underlying Fund may purchase or sell index futures contracts, or options on those futures, or engage in other transactions involving the use of derivatives, to provide equity exposure to the Underlying Funds cash position while maintaining cash balances for liquidity, or for other purposes that assist in replicating the Underlying Fund's investment performance of the Index. The Underlying Funds return may not match the return of the Index. The Underlying Fund intends to be diversified in approximately the same proportion as the Index. The Underlying Fund may become non-diversified, as defined by the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. As a non-diversified fund, the Underlying Fund can invest a greater percentage of its assets in a limited number of issuers or in any one issuer. Shareholder approval will not be sought if the Underlying Fund shifts from diversified to non-diversified solely due to a change in the relative market capitalization or index weightings of one or more constituents of the Index. The Underlying Fund will concentrate its investments in a particular industry or group of industries to the extent the Index is concentrated. The Index, at times, may be significantly concentrated in the information technology sector. Show less