Strategy. The Fund seeks to provide exposure to the return of the S&P 500 Index while making monthly distribution payments equal to an annualized rate of ten percent (10%). The Fund intends to provide exposure to the S&P 500 Index through purchases of FLexible EXchange call options (FLEX Options) that utilize the SPDR S&P 500 ETF Trust (NYSE ARCA: SPY) (the SPY ETF) as the reference asset (SPY FLEX Options). The SPY ETF is an exchange-traded fund that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in … Show more… The Fund seeks to provide exposure to the return of the S&P 500 Index while making monthly distribution payments equal to an annualized rate of ten percent (10%). The Fund intends to provide exposure to the S&P 500 Index through purchases of FLexible EXchange call options (FLEX Options) that utilize the SPDR S&P 500 ETF Trust (NYSE ARCA: SPY) (the SPY ETF) as the reference asset (SPY FLEX Options). The SPY ETF is an exchange-traded fund that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in SPY FLEX Options. For purposes of compliance with this investment policy, the SPY FLEX Options will be valued at their notional value. The Fund is designed to offer shareholders a targeted annual distribution rate of 10%. A description of how this distribution rate is calculated is set forth below in the fourth paragraph of this section. The Adviser seeks to maximize the amount of the distribution that is categorized as return of capital from a tax perspective, with a target of 100% return of capital. However, insofar as the Fund has net investment income in a given year, such net investment income will be paid out via an additional distribution some or all of which will not be characterized as return of capital and the Funds distribution rate will exceed 10%. Return of capital represents a return of a portion of a Fund shareholders invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholders basis in the Fund. However, a return of capital may result in an increase in a later gain on a sale of Fund Shares or a reduction of a loss. There is no guarantee that the Adviser will be successful in its attempt to have the Funds distribution payments be categorized entirely as return of capital. The strategy targets those investors who seek monthly income from their investment but wish to retain exposure to the return of the S&P 500 Index . Because a significant portion of the Funds distributions will consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. The targeted annual distribution rate of 10% is translated into a per Share amount based on the closing net asset value (NAV) of the Fund on the final day of December each calendar year. Each monthly distribution is the annual per Share amount divided by twelve. During the first calendar year of Fund operations, the Funds targeted annual distribution rate will be based upon the Funds initial NAV. Depending upon economic conditions, the success of the Funds investment strategies, and certain other factors, such distributions may be taxed as ordinary income, qualified dividend income, capital gain, or some combination thereof. The Fund intends to invest substantially in purchased call SPY FLEX Options that are deeply in-the-money at the time of investment. These positions seek to provide the Fund exposure to the returns of the S&P 500 Index. For more information about FLEX Options, please see the section of the prospectus entitled Additional Information on the Funds Principal Investment Strategies. The Adviser evaluates the Funds net gain or loss position in determining the means by which cash is generated to make the target monthly distribution payments. The Adviser may utilize uninvested cash or the proceeds from securities sold through the application of tax sensitive investment strategies, including the use of tax loss harvesting. However, there may be months when the techniques utilized by the Adviser generate tax liabilities for the Fund. In addition, the Adviser may utilize investment strategies to generate cash that carry some degree of uncertainty as it relates to the tax characterization of the cash produced therefrom. In the event that it is subsequently determined that such techniques produce cash that is not characterized as return of capital, the Fund would incur tax liabilities that would negatively affect the Funds returns and the Funds ability to achieve its investment objective. Under certain circumstances, the Fund may invest in FLEX Options that utilize as the reference asset an ETF that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index that is not the SPY ETF. The Fund is classified as non-diversified under the Investment Company Act of 1940 (the 1940 Act). Additional Information About the S&P 500 Index The S&P 500 Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float. It is rebalanced quarterly in March, June, September and December. The Fund will be concentrated ( i.e. hold 25% or more of its total assets) in an industry or a group of industries to the extent that the S&P 500 Index is so concentrated. As of February 28, 2025, the S&P 500 Index was concentrated in the information technology sector. Show less