The Fund's investment objective is to seek leveraged returns on the CBOE S&P 500^® BuyWrite Index^SM (the "BXM Index"), less fees and expenses.

Investment Strategy

The Fund will pursue its investment objective principally through a two-part strategy. First, the Fund will (i) purchase all of the common stocks included in the S&P 500^® Index weighted in the same proportions as the S&P 500^® Index and/or other investments that have economic characteristics similar to the securities that comprise the Index, and (ii) write (sell) one-month call options on the S&P 500^® Index each calendar month during the term of the Fund. Second, on an approximately annual basis the Fund will enter into swap contracts on the BXM Index that are intended to provide the Fund with leveraged exposure to the return of the BXM Index. The Fund expects to enter into swap contracts with at least two counterparties and only with counterparties that are rated A3 or better by Moody's Investors Service, Inc. or A- or better by Standard and Poors^® (or counterparties whose obligations are guaranteed by other persons meeting such ratings), or those counterparties determined by the Fund to be of comparable credit quality.