span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by gaining exposure to/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /spandiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:641.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt"the Samp;P 500® Index (the “Samp;P 500”). The foundation of the Fund’s strategy involves buying shares of one or more cost-effective/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:653.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt"ETFs that track the Samp;P 500, providing direct exposure to the broad market's performance. The Fund simultaneously implements a/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:665.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt"monthly call option strategy to generate income and a quarterly put option strategy to protect against large declines in the Samp;P 500. In/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:677.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt"strategically buying and selling put and call options on the Samp;P 500, the Fund seeks to provide a partial buffer against market/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:689.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt"downturns, as well as provide additional income in flat to down markets, but resulting in lower upside potential during strong market/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:701.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:26.89pt"rallies./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:725.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.9pt"In implementing its strategy, the Fund employs a methodology similar the MerQube Hedged Premium Income Index (the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:737.8pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:58.2pt"“MQKHPI”). /spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:94.2pt;position:var(--position);text-decoration:none;white-space:pre;width:481.79pt"The MQKHPI is designed to be 100% invested in the Vanguard Samp;P 500 ETF (VOO) while selling 1-Month call/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdivdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt"options and purchasing 3-Month put options on the SPDR Samp;P 500 ETF (SPY). The MQKHPI aims to generate income from selling/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt"call spreads while providing downside protection through the purchase of put spreads, maintaining exposure to the U.S. large-cap/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:57.7pt"equity market./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt"The Fund will operate similarly to the MQKHPI, but with several differences. For one, while the Fund may elect to purchase VOO/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:96pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt"and put and call options on SPY, the Fund will be more flexible in determining which cost-effective Samp;P 500 ETFs to purchase and/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.79pt"what Samp;P 500 call and put options to buy and sell.  Additionally, unlike the MQKHPI that holds options to expiration, the Fund will/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.79pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt"actively manage the risk-to-reward ratio of the Fund’s option strategies. If the perceived reward (premium or cost to close out a/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.86pt"position) is not proportional to the risk (maximum potential loss), the Fund’s Sub-advisor will use its discretion to adjust or close the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt"position if determined to be advantageous to the portfolio. The Fund’s Sub-adviser will also use independent judgement in/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:156pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"determining what particular option spreads to buy and sell under various market conditions, unlike the fixed spreads used by the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:41.94pt"MQKHPI./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:192pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"Although the Fund’s strategy is not expected to materially change in different interest rate environments, varying levels of market/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt"volatility will impact the relative costs of downside protection and relative option spreads. Additionally, the sequence of investment/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt"returns will affect the various strikes prices, expiration dates, and intended purposes of the options used by the Fund, and could/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt"significantly impact Fund’s overall performance. The Fund, based on current market conditions, seeks to achieve the best balance of/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt"premium income/costs, downside protection, and upside potential to meet its investment objective of current income with the potential/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:95.12pt"for capital appreciation./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:276pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:122.94pt"Monthly Call Options Strategy/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.9pt"Call options are derivative instruments that allow the option purchaser to contractually purchase a particular security (or the security/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.84pt"index) from the option issuer at a set price (the “strike price”) up to the expiration date of the options. When the issuer sells the call/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.84pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:324pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:415.38pt"option, it receives a premium from the buyer in hopes that the option will not be exercised by the buyer./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.79pt"The monthly call options strategy consists of a mix of selling and purchasing call options on the Samp;P 500 (“Samp;P 500 call options”)./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.79pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"The Fund seeks to generate income from the premiums earned from the sold Samp;P 500 call options.  At the same time, the Fund seeks/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.81pt"to realize capital appreciation from its Samp;P 500 ETF holdings as the Samp;P 500 increases in value, but with potentially reduced upside/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.84pt"because of the sold Samp;P 500 call options it uses to generate premium income. The Fund’s purchased Samp;P 500 call options, however,/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.84pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:495.88pt"are intended to offset this reduced upside potential and limit the risk of missing out on strong market rallies of the Samp;P 500./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt"On a regular basis, typically monthly, the Fund sells Samp;P 500 call options to generate premium income while simultaneously buying/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:432pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt"“out of the money” long Samp;P 500 call options (i.e., options to purchase at a strike price that is higher than the current price of the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:444pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.86pt"reference security or index) to hedge against the possibility that the sold Samp;P 500 call options are exercised because the Samp;P 500/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.8pt"increases above the strike price of the sold Samp;P 500 call options. For example, as the Samp;P 500 increases in value during the month,/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"the holders of the sold Samp;P 500 call options may be more incentivized to exercise their options which will create some losses for the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:480pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt"Fund. However, if the price of the Samp;P 500 increases above the strike price of the purchased Samp;P 500 call options, the Fund will be/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.8pt"protected from larger losses because the Fund will exercise its purchased Samp;P 500 call options, offsetting a portion of its losses on the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:106.88pt"sold Samp;P 500 call options./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:528pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt"The call option strategy aims to profit from stable or declining Samp;P 500 prices, with the ideal scenario being the Samp;P 500 staying/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.79pt"below the strike price of the sold Samp;P 500 call options. At the same time, the strategy seeks to control and cap the risk of loss from/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.79pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.78pt"rapid gains of the Samp;P 500 with the purchased Samp;P 500 call options. While the strike prices of the Samp;P 500 call options may vary, the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.78pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"Fund will typically sell call options with a strike price between approximately 98-105% of the current value of the Samp;P 500, and/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt"purchase call options with a strike price between approximately 101-110% of the current value of the Samp;P 500. Once the Samp;P 500/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt"appreciates by approximately 5% from its current level (the strike price of the sold call), such call spreads will begin to create a loss./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt"This loss will, however, will typically be capped at approximately 3% (the difference in strike prices) after the net income from the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:49.37pt"call spreads./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:636pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt"Because the call option strategy is typically executed every month, it may have a larger impact on the Fund’s returns than the put/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:648pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:312.41pt"option strategy discussed below that is typically executed on a quarterly basis./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:348.41pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdivdiv style="font-size:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:302.4pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt"  /spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:573.8pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt"  /spandiv style="left:36pt;position:var(--position);top:9.37pt"div style="position:var(--position)"img alt="Untitled - MSA.jpg" id="i-2" src="ck0001511699-20260429_g2.jpg" style="height:280.64pt;width:266.4pt"//div/divdiv style="left:307.4pt;position:var(--position)"div style="position:var(--position)"img alt="Monthly Call Spread (line graph).jpg" id="i-3" src="ck0001511699-20260429_g3.jpg" style="height:290.01pt;width:266.4pt"//div/div/divdiv style="font-size:12pt;line-height:8pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:331.08pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:58.32pt;position:var(--position);text-decoration:none;white-space:pre;width:517.51pt"For illustrative purposes only. Figures are approximate and subject to change. Charts assume a quarterly net premium gain of 3%, which results from three/spanspan style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2pt" /span/divdiv style="font-size:12pt;line-height:8pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340.68pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:58.5pt;position:var(--position);text-decoration:none;white-space:pre;width:161.23pt"monthly call spreads and one quarterly put spread./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:365.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:125.71pt"Quarterly Put Options Strategy/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:389.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt"Put options are derivative instruments that allow the option purchaser to contractually sell a particular security (or the value of a/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:401.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt"security index) to the option issuer at a strike price up to the expiration date of the options. When the issuer sells the put option, it/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:413.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:347.37pt"receives a premium from the buyer in hopes that the buyer will not exercise the option./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:437.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"The Fund’s put options strategy, typically executed on a quarterly basis, is designed to protect against large declines in the Samp;P 500./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:449.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt"The quarterly put options strategy consists of a mix of purchased (or “long”) put options and sold (or “written”) put options on the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:461.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt"Samp;P 500 Index (“Samp;P 500 put options”). While the strike prices of the put options may vary, each quarter the Fund typically/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:473.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt"purchases Samp;P 500 put options that are approximately  94-96% of the current Samp;P 500 level, paying a premium for downside/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:485.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.84pt"protection from a large decline in the Samp;P 500. The Fund simultaneously sells Samp;P 500 put options with a strike price that is/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.84pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:497.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.88pt"approximately 75-85% of the current price of the Samp;P 500 to generate some premium income to offset a portion of the cost of the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:509.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt"purchased put options. The quarterly options strategy of buying a put slightly below the current market price and selling another put/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:521.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.92pt"farther below the current market price is designed to protect against significant market downturns at a reduced cost. While the strike/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.92pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:533.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt"prices of the put options will vary, the put spreads will typically provide a payment to offset losses once the Samp;P 500 declines by/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:545.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt"approximately 5% (the strike price of the purchase put) but will no longer offset losses once the Samp;P 500 declines by more than an/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:557.28pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:352.62pt"approximately 20% (the difference in strike prices) after the net costs of the put spreads./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:388.62pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdivdiv style="font-size:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:568.8pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /spandiv style="left:36pt;position:var(--position);top:4.3pt"div style="position:var(--position)"img alt="Untitled - QSA.jpg" id="i-4" src="ck0001511699-20260429_g4.jpg" style="height:285.73pt;width:266.4pt"//div/divdiv style="left:302.4pt;position:var(--position)"div style="position:var(--position)"img alt="Quarterly Put Spread (line graph).jpg" id="i-5" src="ck0001511699-20260429_g5.jpg" style="height:290.03pt;width:266.4pt"//div/div/divdiv style="font-size:12pt;line-height:8pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:355.1pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:58.32pt;position:var(--position);text-decoration:none;white-space:pre;width:517.51pt"For illustrative purposes only. Figures are approximate and subject to change. Charts assume a quarterly net premium gain of 3%, which results from three/spanspan style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2pt" /span/divdiv style="font-size:12pt;line-height:8pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:364.7pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:58.5pt;position:var(--position);text-decoration:none;white-space:pre;width:161.23pt"monthly call spreads and one quarterly put spread./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:392.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:187.21pt"Expected Relative Performance of the Strategy/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:416.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt"The Fund’s performance will vary, at times substantially, from the performance of the MQKHPI and the Samp;P 500. In general,/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:428.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt"however, the Fund expects to perform somewhat in line with the MQKHPI, with the Fund’s active decisions around the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:440.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:440.35pt"implementation of its options strategies intended to improve the Fund’s performance relative to the MQKHPI./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:464.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:490.29pt"The Fund’s expected performance relative to the Samp;P 500 under various market conditions can be summarized as follows:/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:488.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt"When the Samp;P 500 is Flat or Declines: Expected Outperformance. In months and quarters where the Samp;P 500 shows minimal/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:500.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt"movement or decreases, the Fund’s overall performance is generally expected to also be flat to negative.  However, the Fund would be/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:512.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:505.89pt"positioned to outperform the Samp;P 500 primarily due to the monthly premium income generated from the monthly call options./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:541.89pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt"  /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:536.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.89pt"This anticipated relative outperformance is expected to increase during quarters where the Samp;P 500 declines by more than/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:548.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:377.4pt"approximately 4-6%, due to the additional downside protection from the quarterly put options./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:572.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.83pt"If the Samp;P 500 declines by more than approximately 20% from the purchase price of the put options, the Fund would have no/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt"further downside protection other than the call option premiums. The Fund would participate fully in the decline of the Samp;P/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:596.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:162.36pt"500 until new put options are purchased./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:620.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt"When the Samp;P 500 is Up: Expected Underperformance. In months and quarters where the Samp;P 500 experiences an increase greater/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:632.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt"than approximately 1% (the estimated long-term average of option premiums collected), the Fund’s overall performance is generally/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:644.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.78pt"expected to be positive.  However, the Fund is likely to underperform the Samp;P 500 primarily be due to the Fund's option strategy that/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.78pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:656.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:467.51pt"is intended to sacrifice a portion of the Fund’s upside potential in return for reduced volatility and additional income./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:503.51pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt"  /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:680.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt"The underperformance for each monthly call option expiration cycle would be limited to the difference in call option strike/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:692.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:346.22pt"prices (expected to be approximately 3%) and the approximate 1% premium collected./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:716.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt"•/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt"If the Samp;P 500 rises above the strike prices of both call options, the Fund will no longer have capped appreciation until it/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:728.3pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:92.66pt"sells new call options.”/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:164.66pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.81pt"The Fund is considered to be non-diversified, which means it may invest a high percentage of its assets in a limited number of/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:54.63pt"investments. /spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90.63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.3pt"Additionally, the Fund’s investment strategies will involve active and frequent purchases and sales of call and put/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:254.48pt"options, but are not expected to result in high portfolio turnover/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:290.48pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"./span/divdivdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:182.89pt"Option Premiums – Income/Return of Capital/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt"As part of the Fund’s options strategies, it sells (or writes) options in return for options premiums, which are expected to contribute to/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt"the overall performance of the Fund.  Distributions related to these options premiums may include a significant portion classified as/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt"return of capital. Distributions characterized as a return of capital may reduce the Fund’s net asset value and should not be confused/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:85.46pt"with yield or income./span/div/div