The investment seeks long-term capital appreciation. The fund seeks to achieve its investment objective by buying and selling short-term options and option spreads on the Standard & Poor's 500 Index ("S&P") futures and holding cash and cash equivalents, including treasury securities and money market mutual funds. An option spread is a strategy where it buys two different options on the S&P, but with different prices or expirations, in order to hedge against declines in the value of the options.