The fund aims to provide leveraged and covered call exposure to the MSCI Emerging Markets Index, which comprises equity securities from emerging markets. To obtain exposure, the fund may either directly hold constituent securities of the index or invest in shares of related ETFs. The fund employs approximately 125% leverage through cash borrowing. The fund also uses a dynamic covered call strategy, typically writing exchange-traded or over-the-counter index calls on approximately 50% of the portfolio value. Although it provides hedging protection and generates premiums, the use of a covered call strategy may cap the fund's potential gains. Additionally, the fund may hold cash equivalents or money market instruments to meet its obligations.