Fund Description

Under normal circumstances, the fund invests at least 80% of its net assets plus borrowings in equity securities that constitute the NASDAQ-100 Index, including common stocks, NDX-tracking ETFs/ETNs, and NDX futures and options on futures, generally using a near-replication approach. It seeks to hedge the majority of NDX risk through a volatility overlay, investing up to 20% in VIX futures or other volatility-related products, related options, and cash and cash equivalents including U.S. Treasury obligations, and it may hold long and short VIX futures simultaneously. A portion of the fund's volatility-related investments uses the same methodology as the Equity Armor Investments VOL 365 Trading Strategy (the "EAVOL Trading Strategy"), and the fund adjusts this component on a daily basis to closely track the EAVOL Trading Strategy. Hedging may at times not be implemented and has an associated cost.