XVOL seeks capital appreciation with reduced volatility through a combination of equity investments and volatility reduction options strategies. The funds equity portfolio consists of 40 to 80 stocks selected from the S&P 500 Index for either dividends or growth. The equity selection process includes an industry analysis and various fundamental screens. The fund aims for lower volatility than the S&P 500 by engaging in one or more of the following option strategies: 1) VIX Options, 2) Options Collar, 3) Vertical Spread, 4) Covered Call, and 5) Box Trade. The fund may invest up to 20% of its assets in a wholly-owned Cayman Islands subsidiary to gain exposure to VIX Options. The portfolio allocation is based on the sub-advisers outlook for the US equity markets. If the sub-advisers market outlook is positive, the equity portion of the portfolio will be equally weighted between dividends and growth. While on a negative outlook, the portfolio will tilt more heavily towards dividends.