Sells cash-secured puts on a fixed watchlist of quality large-cap/dividend names; on assignment, rotates into covered calls on the assigned shares until called away, then returns to cash-secured puts.

The exact rule, in full, as currently in effect (revision 1, effective Jul 15, 2026):

Universe: a fixed watchlist of quality large-cap/dividend-paying names. Entry: sell a cash-secured put, 30-45 days to expiration, targeting approximately 0.30 delta. On assignment: sell a covered call on the assigned shares, 30-45 days to expiration, targeting approximately 0.30 delta, until the shares are called away, then return to selling cash-secured puts. Position sizing: no more than 20% of capital committed to any single underlying at a time.