The Cboe(R) Validus S&P 500(R) Dynamic Putwrite Index ETF (PUTD) is a passively managed exchange-traded fund designed to mirror the performance of its underlying index, prior to any fees or expenses. This index follows a systematic, non-leveraged methodology to construct a portfolio by strategically writing (selling) put options tied to the S&P 500 Index. Through this predefined method, the index aims, over the long term, to achieve a total return that outperforms the S&P 500 Index while simultaneously demonstrating lower volatility and mitigated downside risks (drawdowns).