XIRM provides no upside potential. Instead, the fund aims for a targeted rate of income and limited downside protection over a one-year period starting each March. The actively managed portfolio consists of FLEX options that reflect the price performance of SPY and short-term US Treasurys. The premiums received by selling at-the-money call options are used to purchase a laddered portfolio of US Treasury securities. A portion of these securities matures on or about each monthly distribution. At each outcome period, the fund provides a targeted level of income and a buffer against the first 10% of SPYs losses. The target income level will vary based on current market conditions, and any subsequent losses after the 10% buffer will be experienced by the investors on a one-to-one basis. The fund must be held during the entire return period to achieve the intended results. Investors who buy at any other time than the annual reset day may have a different investment return.