The investment seeks long-term capital appreciation. The fund seeks to achieve its investment objective by taking long and short positions in one or more ETFs that seek to track the performance of the S&P 500® Index and by entering into S&P 500® Index-related options and options on S&P 500®-related ETFs (?S&P 500® Options?). The S&P 500® Index is a widely recognized benchmark of U.S. stock market performance that is composed primarily of large-capitalization U.S. issuers. It may also invest up to 10% of its total assets in leveraged or inverse ETFs that seek to deliver multiples, or the inverse, of the performance of the S&P 500 Index, respectively.