The objective of the Fund is capital appreciation. The Fund tracks the daily performance of an equity index, called the US Equity Defensive Put Write Index, less fees and costs and consequently is passively managed. The Index is designed to reflect the performance of a strategy which consists of: a) depositing money and earning a shortterm interest rate (which maybe negative), and b) selling put options on the S&P500. The seller of a put option on the Underlying Index receives a cash premium from the buyer, and in return the option buyer has the right to sell the Underlying Index at a fixed price in the future to the option seller.