Industry description
The investment seeks current income with downside protection.
The fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective principally by investing in (i) the Vanguard Russell 2000 Index Fund ETF Shares (VTWO) (the “underlying ETF”), which seeks to track the performance of the Russell 2000® Index (the “Russell 2000” or the “Reference index”) that measures the investment return of U.S.-listed small-capitalization equities, and (ii) an options collar (i.e., a mix of written (sold) call options and long (bought) put options) on the Russell 2000. The fund is non-diversified.