Strategy. Principal Investment Strategies: The Adviser seeks to achieve the Funds investment objective by investing primarily in equity securities of U.S. companies and applying an upside convexity option overlay strategy to the equity investments. U.S. Equity Strategy The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, primarily by purchasing exchange-traded funds (ETFs). The Adviser does not frequently trade U.S. equities but seeks to maintain consistent exposure to the U.S. equity market. Upside Convexity Option Overlay Strategy Up to twenty percent of the Funds assets will be subject to the Funds upside convexity option overlay. The upside convexity … Show more… Principal Investment Strategies: The Adviser seeks to achieve the Funds investment objective by investing primarily in equity securities of U.S. companies and applying an upside convexity option overlay strategy to the equity investments. U.S. Equity Strategy The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, primarily by purchasing exchange-traded funds (ETFs). The Adviser does not frequently trade U.S. equities but seeks to maintain consistent exposure to the U.S. equity market. Upside Convexity Option Overlay Strategy Up to twenty percent of the Funds assets will be subject to the Funds upside convexity option overlay. The upside convexity option overlay strategy includes purchasing exchange-traded and over-the-counter (OTC) call options on the S&P 500 Index or an S&P 500 Index ETF. When the Fund purchases a call option, the Fund has the right, but not the obligation, to buy a stock or other asset at a specified price (strike price) within a specific time period. The Fund decides whether to purchase put or call options based on a number of factors such as strike prices and expiration date. The upside convexity option overlay strategy is a strategic, persistent exposure meant to hedge against market moves and is intended to add convexity to the Fund. If the market goes up, the Funds returns may outperform the market because the Adviser will sell or exercise the call 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 and selling 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 upside convexity option overlay is intended to improve the Funds performance, there is no guarantee that it will improve performance. If the Adviser determines that purchasing options is not a cost-effective way to implement the overlay strategy, it may employ options spreads. In a call option spread intended to acquire convexity, the Fund purchases a call option while writing a call option that is further out of the money to partially offset the cost of the purchased option. To generate additional income, the Fund employs an exchange-traded and over-the-counter (OTC) option spread writing strategy on equity, fixed income, volatility, commodity, and currency ETFs and exchange traded products (ETPs). In these income-seeking option spreads, the Fund writes a call or put option while purchasing a call or put option that is further out of the money to partially offset the risk of the cost of the written option. Convexity in the Funds name is a reference to the mathematical term convexity. The Funds returns are anticipated to show convexity because the relationship between the Funds returns and market returns is not designed to be linear. That is, if market returns go up in a linear fashion, the Funds returns are expected to rise faster than the market. The value of the Funds call options is expected to rise in proportion to the rise in value of the underlying assets, but the amount by which the Funds options increase or decrease in value depends on how far the market has moved from the time the options position was initiated. The value of the Funds call options may rise faster than the market if the Adviser successfully selects options that appreciate in value. 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. The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives. Show less