The investment seeks long-term capital appreciation with a high degree of downside protection and reduced volatility relative to the broad U.S. equity market. Under normal circumstances, the fund primarily invests in U.S. equities and simultaneously selling a call option against those stocks. The call options will typically have a strike price lower than the current stock price, which is termed "in the money." It may invest in companies located both within and outside the United States (including in emerging markets). The fund may invest any percentage of assets in any one country, region or geographic area.