DOGG

DOGG aims for a consistent level of income that is approximately 8%, before fees and expenses, above the annualized yield of the Dow Jones Industrial Average (DJIA). However, there are no assurances that level of income will be obtained. The fund pursues the "Dogs of the Dow” strategy, the ten highest dividend-yielding stocks of the Dow on an annual basis. The fund purchases shares of these stocks and writes one-week at-the-money call options against the shares. The belief is that the one-week call options on the individual stocks provide the highest level of premium erosion, allowing for a high probability to collect option premium. Due to fund diversification requirements, the fund captures the price movement of these shares by also creating synthetic long positions through the use of put and call FLEX options. The equal-weighted securities are rebalanced quarterly and reconstituted on an annual basis. Short-term Treasury securities serve as collateral or aid in managing the portfolio.