SNOV uses options in an effort to moderate losses on shares of iShares Russell 2000 ETF (ticker: IWM) over a one-year period, starting in November. The fund foregoes some upside return, as well as the dividend component of IWM because the options are written on the price (not total) return version of the shares, in exchange for preventing realization of the first 15% of the losses in IWM value. Should the shares of IWM decline greater than 15%, investors participate in the downside performance on a $1 for $1 basis.