CHDG is a fund-of-funds aiming to generate total return while mitigating downside risk through an actively managed options overlay on the S&P 500 Index. It primarily invests in ETFs that hold constituents of the S&P 500 Index including, but is not limited to, SPYM, SPY, or VOO. The fund also writes/sells and buys put and call options on the S&P 500 funds and/or broad-based indices, as well as enter other options strategies to offset risks. It may also engage in active and frequent trading of portfolio securities. The fund uses derivatives both for hedging and non-hedging purposes, including entering into forward foreign currency contracts, futures or other derivatives. Additionally, CHDG may invest in ultra-short term fixed income securities, cash equivalents, box spreads and box spread ETFs, and may hold cash for temporary defensive purposes.