The Fund is an actively managed exchange-traded fund (ETF) that, under normal market circumstances, seeks to provide capital appreciation through exposure to the constituents in the Nasdaq-100 Index (the Nasdaq-100) while providing a level of downside or hedged protection. The Fund will invest at least 80 percent of its net assets (including borrowings for investment purposes) in equity securities and option contracts that provide economic exposure to the Nasdaq-100. As further described below, to achieve its investment objective, the Fund intends to invest in a portfolio of common stocks that are representative of the Nasdaq-100 (the Nasdaq-100 Portfolio) to seek to provide capital appreciation.