Strategy. The Fund is an actively managed exchange traded fund (ETF) that seeks to achieve its investment objective by investing in assets providing direct or indirect exposure to U.S. Treasury bond obligations, such as U.S. Treasuries, U.S. Treasury STRIPS, and/or U.S. Treasury ETFs (each as defined below, and collectively, the U.S. Treasury Portfolio) and selling (writing) call options on U.S. Treasury ETFs to generate additional income. Under normal market circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the U.S. Treasury Portfolio, and write call options that utilize U.S. Treasury ETFs as the reference asset. The Fund will primarily generate income from the Treasury interest payments earned by … Show more… The Fund is an actively managed exchange traded fund (ETF) that seeks to achieve its investment objective by investing in assets providing direct or indirect exposure to U.S. Treasury bond obligations, such as U.S. Treasuries, U.S. Treasury STRIPS, and/or U.S. Treasury ETFs (each as defined below, and collectively, the U.S. Treasury Portfolio) and selling (writing) call options on U.S. Treasury ETFs to generate additional income. Under normal market circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the U.S. Treasury Portfolio, and write call options that utilize U.S. Treasury ETFs as the reference asset. The Fund will primarily generate income from the Treasury interest payments earned by U.S. Treasury bond obligations and/or the dividends paid by the U.S. Treasury ETFs held by the Fund. The Fund will also supplementally earn income through the premiums collected from selling call options written on U.S. Treasury ETFs. U.S. Treasuries are public obligations of the U.S. Treasury. U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) represent a single principal payment or a single interest payment of U.S. Treasury bonds or notes that have been stripped into separately tradable components. U.S. Treasury ETFs are ETFs that have significant exposure to U.S. Treasuries. The target duration of the Funds U.S. Treasury Portfolio is anticipated to be approximately 20 years. This target duration may vary significantly depending on market conditions, liquidity requirements, and risk-return assessments. Duration is a measure used to determine the sensitivity of a securitys price to changes in interest rates. The Funds sale of call options on U.S. Treasury ETFs will limit the Funds sensitivity to declines in interest rates and will not limit the Funds sensitivity to increases in interest rates. In general, a call option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from the seller (writer) of the option the security or currency underlying the option (in this case, U.S. Treasury ETFs) at a specified exercise price. The writer of a call option has the obligation upon exercise of the option to deliver the underlying security upon receiving payment of the exercise price, or to settle the difference between the exercise price and the value of the security underlying the option in cash (depending on exercise style). When the Fund sells a call option, the Fund receives a premium in exchange for an obligation to sell shares of a reference asset at a strike price on the expiration date if the buyer of the call option exercises it. If the reference asset closes above the strike price as of the expiration date and the buyer exercises the call option, the Fund will have to pay the difference between the value of the reference asset and the strike price. If the reference asset closes below the strike price as of the expiration date, the call option may end up worthless and the Fund retains the premium. In implementing its principal investment strategy, the Fund transacts in traditional exchange-traded options contracts and/or FLexible EXchange (FLEX) options that utilize U.S. Treasury ETFs as the reference asset. Traditional exchange-traded options have standardized terms, such as the style (American or European), the reference asset, the strike price and expiration date. In comparison, FLEX options allow investors to customize key contract terms, including expiration date, exercise style, exercise price, and expanded positions limits. Both traditional exchange-traded options and FLEX options are guaranteed for settlement by the Options Clearing Corporation (OCC). It is anticipated that the Fund may invest primarily in both traditional exchange-traded options and/or FLEX options. The Fund may utilize European or American style options. European style options cannot be exercised prior to their expiration date and are cash settled. Since European style options can only be exercised at their expiration, they do not carry any risk of early assignment. American style options are physically settled and have early assignment risk as they can be exercised at any time prior to their expiration date. In the case of an American style call option, the underlying asset is transferred from the seller of the call to the buyer of the call when it is exercised. In the case of an American style put option, the underlying asset is transferred from the buyer of the put to the seller of the put when it is exercised. For purposes of compliance with the Funds 80% investment policy, derivative contracts will be valued at their notional value. The Funds sale of call options on U.S. Treasury ETFs to generate income is expected to limit the degree to which the Fund will participate in any gains experienced by the U.S. Treasury Portfolio. The Funds potential for capital appreciation will be limited by the sale of call options on U.S. Treasury ETFs due to the correlation between the prices of securities in the Funds U.S. Treasury Portfolio and the prices of the U.S. Treasury ETFs upon which call options will be written. If the U.S. Treasury ETF closes above the strike price as of the expiration date and the buyer exercises the call option, the Fund will have to pay the difference between the value of the U.S. Treasury ETF and the strike price. To maintain the potential for capital appreciation through gains experienced by the Funds U.S. Treasury Portfolio, the Fund will limit the sale of call options on U.S. Treasury ETFs to only a portion of the Funds net assets. The Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Show less