IPSAX

This fund's core approach involves actively trading both put and call options, which are based on equity market indexes and exchange-traded funds. While revenue is generated from the sale of put options, this practice also exposes the fund to potential losses should the value of the underlying assets decline. For options purchased, the maximum risk faced by the fund is limited to the initial premium paid. The sale of call options also provides income; however, it may restrict the fund's ability to fully participate in upside movements of the stock market. The investment adviser strives to mitigate the overall variability of the fund's returns by expertly managing its options holdings. It's important to note that this fund is not diversified.