XCLR

XCLR is a passively managed ETF that holds US large-cap stocks from the S&P 500 Index while using an options collar strategy to manage risks. Quarterly, the fund takes long positions in put options 5% below the market price and takes short positions in call options with a strike price at 10% above the market price of the S&P 500 Index. If strike prices for the options are unavailable, the fund will select the put option with the strike price closest to but more than 5% below the market price, and call options with the price closest to but more than 10% above the market price of S&P 500. Each option position will be held until its expiration after three months. The term "95-110" refers to the value in percentage of the S&P 500 Index when the put options (95%) and call options (110%) were purchased.