DECW

DECW uses options in an effort to moderate losses on shares of SPDR S&P 500 ETF Trust (ticker: SPY) over a one-year period, starting in December. The fund foregoes some upside return as well as the dividend component of SPY, because the options are written on the price (not total) return version of the shares. In exchange for preventing realization of the first 20% of the losses in SPY value. Should the shares of SPY decline greater than 20%, investors participate in the downside performance on a $1 for $1 basis. The upside cap resets annually based on SPY's closing price on the business day prior to the outcome period begins. Even if shares are held for the entire outcome period, the intended results may differ. The issuer publishes the interim levels for the cap and downside buffer daily on its website. The targeted cap and buffer do not include the funds expense ratio and should be taken into consideration. The fund is actively managed and uses FLEX options on SPY shares exclusively.