Objective
The Fund’s investment objective is to generate returns that closely correspond, before fees and expenses, generally to the price and yield performance of the Cboe S&P 500 BuyWrite 15% WHT Index (the “Index”). The Fund is passively managed. The Fund will aim to achieve its investment objective via a swap, which is an agreement between the Fund and an approved counterparty, where the Fund will swap the performance/return of a basket of global equity securities and equity related securities with the counterparty in exchange for the return of the Index minus any associated fees ( the “Swap”). The Investment Manager may decide from time to time to switch partially or totally between using the Swap to replicate the performance of the Index or investing directly in global equities and equity related securities (which may include common stock and preferred stock) that, as far as possible and practicable, consists of the component equity securities of the S&P 500® Index (the “Reference Index”) and by selling corresponding call options on the Reference Index and covering such options by holding the securities underlying the options written. The Fund follows a “buy-write” (also called a covered call) investment strategy in which the Fund buys an equity security or a basket of equity securities, and also sells corresponding call options. The strategy will generate income in the form of options premium while potentially limiting the increase in equity value of the basket of securities, if options are exercised. The Index each month measures the performance of a portfolio of the equity securities included in the Reference Index while it also sells a succession of one-month at-the-money covered call options on the securities on the Reference Index, which are held until the expiration date and are liquidated at the Special Opening Quotation (the "SOQ") of the Reference Index compiled from the opening prices of component stocks underlying the index. The final settlement price of the call option at maturity is the greater of 0 and the SOQ minus the strike price of the expiring call option. When not possible or practicable for the Fund to invest in the Swap, the Fund may invest in depositary receipts relating either to component securities of the Index or to equity securities of the type referred to above; and financial derivative instruments (“FDIs”), namely, options and futures for investment purposes. The Fund may enter into securities lending transactions, investing in repurchase and reverse repurchase transactions and short-term money market collective investment schemes, for the purposes of efficient portfolio management only.The Fund’s base currency is USD.
- Leverage100
- Currency hedgingNo