The fund focuses on investing in dividend-paying equity securities traded on U.S. exchanges, including common stocks and ADRs, with at least 80% of its assets in income-generating instruments.

Nasdaq

APLIX

The fund seeks to capture most of the returns generated by U.S. equity markets in rising markets, and to protect against the market losses in declining markets. Its investment strategy aims to provide a cushion against certain losses in the U.S. equity markets. The fund seeks to accomplish its goal of mitigating downside risk in the equity markets by hedging the portfolio through the purchase of put options. Each put option helps to protect against losses in the U.S. equity indices.

BPRLX

The investment seeks to provide a high current return with short-term risk less than or equal to 40% of the stock market. Up to 75% of its total assets may be invested in common stocks and options on any size companies on which options are traded on a national securities exchange. At all times, at least 25% of its total assets will be invested in equities. The fund may invest up to 15% of its total assets in foreign securities. The Adviser normally invests at least 25% of its total assets in money market funds or fixed-income securities.

BRBPX

The fund utilizes an option premium collection strategy that implements a put spread and a call spread on the S&P 500 Index (SPX) to create a number of defined-risk trades. A defined risk trade is essentially where a series of financial instruments (such as options) are entered into where the terms and conditions of the financial instruments are, in combination, designed to limit the overall risk.

BTIFX

Under normal market conditions, the fund will invest at least 80% of the value of its net assets (the “80% Test”) in a portfolio, or other investment companies that hold a portfolio, of FLEX Options linked to the index and that are designed to replicate the returns of the twelve 10% Buffer Strategies.

BUIGX

The fund seeks to achieve total return with lower volatility than equity markets. Under normal circumstances, it invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and securities with economic characteristics similar to stock or the equity markets. The fund may write call options (i) on a portion of the equity securities in the fund's portfolio and (ii) on broad-based securities indexes (such as the S&P 500 or MSCI EAFE) or ETFs (exchange traded funds).

CIHEX

The mutual fund aims to achieve capital growth by investing in the equity markets while reducing volatility through a hedging strategy using index options to mitigate losses during market declines.

DSHFX

The investment seeks total return. The fund pursues its objective by investing in a base portfolio that is generally comprised of an approximately equal mix of equity securities and money market instruments. It writes (sells) call options on the S&P 500 Index, a broad-based U.S. stock market index, and/or a substitute for the S&P 500 Index on substantially the full value of the fund's equity securities. The fund's equity investments consist of a diversified portfolio of common stocks that seeks to approximate the pretax total return performance of the S&P 500 Index.

EIVPX

The investment seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. The fund invests in a broadly diversified portfolio of common stocks, while also selling index call options and purchasing index put options. Writing index call options is intended to reduce the fund's volatility, provides steady cash flow and is an important source of the fund's return, although it also reduces the fund's ability to profit from increases in the value of its equity portfolio.

GATEX

The investment seeks total return with less risk than U.S. equity markets. The fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities. It ordinarily invests in a broadly diversified equity portfolio, while also writing (selling) index call options with an aggregate notional value approximately equal to the market value of the equity portfolio. The fund may invest in foreign securities traded in U.S. markets (through ADRs or stocks traded in U.S. dollars). It may enter into repurchase agreements and/or hold cash and cash equivalents.

GCPYX

GTEYX

The investment seeks long-term capital appreciation and option premiums consistent with reasonable risk to principal. Under normal market circumstances, at least 80% of the value of the Portfolio's total assets (including borrowings for investment purposes) will be subject to secured option strategies, which are written covered call and/or secured put options on stock index ETFs, stock indices and/or individual stocks held by the Portfolio.

GTSOX

Under normal circumstances, the fund seeks to achieve its investment objective by investing primarily in long and short futures and call and put options on futures on the S&P 500 Index; futures contracts on the Cboe Volatility Index; and cash and cash equivalents. It may also invest in securities that represent the return of a securities index; volatility exchange traded funds; and income securities of any maturity or credit quality, and investment companies that invest in such income securities (including affiliated and unaffiliated investment companies).

HMXIX

The fund's investment adviser seeks to achieve the fund's investment objective by investing in a broadly diversified portfolio of equity securities (the "Equity Portfolio"), while seeking to generate income, hedge volatility and reduce the downside risk of the Equity Portfolio by buying and selling put and call options (the "Options Portfolio"). The Equity Portfolio typically focuses on investing in individual stocks. The Options Portfolio will generally consist of options "collars".

HNDRX

The fund invests primarily in long and short call and put options on futures contracts on the Standard & Poor's 500 Index, and in cash, and cash equivalents. It achieves its investment objective in three ways: (1) Premium Collection - the fund collects premiums on options it sells; (2) Volatility Trading - the fund may enter into positions designed to hedge or profit from either an increase or a decrease in index volatility; and (3) Trend following - the fund may increase or decrease the balance of puts and calls based on trending market direction.

HRSTX

The fund's primary strategy consists of selling and purchasing put and call options on equity indexes and exchange traded funds. The sale of put options generates income for the fund, but exposes it to the risk of declines in the value of the underlying assets. The risk in purchasing options is limited to the premium paid by the fund for the options. The sale of call options generates income for the fund, but may limit the fund's participation in equity market gains. The fund's investment adviser seeks to reduce the overall volatility of returns by managing a portfolio of options. It is non-diversified.

IPSAX

IRONX

The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. issuers or investments that provide exposure to equity securities of U.S. issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. It will seek to achieve its objective by combining a long equity strategy with an options hedging strategy that seeks to provide protection during significant equity market downturns.

JDIEX

The investment aims for capital growth. Typically, the fund allocates at least 80% of its assets to equity securities, mainly large-cap U.S. companies' common stocks. In addition, the advisor employs an enhanced index strategy, focusing on firms with market capitalizations similar to those in the S&P 500 Index.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
APLIX	Cavanal Hill Hedged Income Fund	Options Trading	Dec 27, 2020	1.35%	2.45%	—	1.77%
BPRLX	Beacon Planned Return Strategy Fund	Options Trading	Oct 1, 2017	1.19%	3.14%	—	5.65%
BRBPX	Bridgeway Managed Volatility Fund	Options Trading	Jun 28, 2001	0.94%	2.46%	5.02%	5.54%
BTIFX	Belmont Theta Income Fund	Options Trading	Apr 29, 2018	2.02%	3.48%	—	1.19%
BUIGX	Cboe Vest US Large Cap 10% Buffer Fund	Options Trading	Aug 22, 2016	0.95%	5.01%	—	0.00%
CIHEX	Calamos Hedged Equity Fund	Options Trading	Dec 30, 2014	0.91%	4.53%	—	0.66%
DSHFX	Brinker Capital Destinations Shelter Fund	Options Trading	Oct 25, 2021	1.29%	5.65%	—	0.33%
EIVPX	Parametric Volatility Risk Premium - Defensive Fun...	Options Trading	Feb 8, 2017	0.47%	5.08%	—	4.85%
GATEX	Gateway Fund	Options Trading	Dec 6, 1977	0.93%	3.74%	4.78%	0.62%
GCPYX	Gateway Equity Call Premium Fund	Options Trading	Sep 29, 2014	0.68%	5.00%	—	0.88%
GTEYX	Gateway Fund Class Y Shares	Options Trading	—	0.70%	3.82%	5.03%	0.85%
GTSOX	Glenmede Secured Options Portfolio	Options Trading	Jun 29, 2010	0.85%	3.72%	5.93%	0.16%
HMXIX	AlphaCentric Premium Opportunity Fund	Options Trading	Sep 29, 2016	1.99%	2.27%	—	0.00%
HNDRX	Horizon Defined Risk Fund	Options Trading	Dec 27, 2017	1.04%	4.16%	—	0.20%
HRSTX	Rational Tactical Return Fund	Options Trading	Apr 30, 2007	1.99%	1.36%	0.21%	5.53%
IPSAX	IPS Strategic Capital Absolute Return Fund	Options Trading	Apr 14, 2016	1.50%	5.14%	—	0.00%
IRONX	Ironclad Managed Risk Fund	Options Trading	Oct 14, 2010	1.25%	4.42%	24.17%	4.96%
JDIEX	Easterly Hedged Equity Fund	Options Trading	Jul 30, 2015	1.26%	4.82%	—	0.22%
JHQAX	JPMorgan Hedged Equity Fund	Options Trading	Dec 13, 2013	0.83%	3.90%	—	0.68%
JHQDX	JPMorgan Hedged Equity 2 Fund Class I	Options Trading	Feb 26, 2021	0.60%	6.67%	—	0.92%

The Best Options Trading Mutual Funds

Risk vs. Return Scatterplot