TRES focuses on income generation by investing in short-term, defined risk, option strategies based on US government securities. Option strategies include credit spreads, debit spreads, long calls, and puts. The fund tactically allocates assets generally, 2-5% in cash and cash equivalents, 80-100% in Treasuries, and up to 100% in options contracts, using Treasuries as collateral. TRES aims to capitalize on price differences between the options market and underlying Treasury ETFs. The option strategies aim to limit potential losses, while ensuring prudent risk-taking. The fund adjusts its positions based on market conditions, such as interest rates and yield curve shape, striving for stable, risk-adjusted performance. TRES adopts a tactical approach to options trading, avoiding uncovered (naked) options and aligning its strategies with neutral, bullish, and bearish market outlooks. The fund seeks consistent income across various interest rate scenarios, with US government securities serving as collateral.