Comparatively the NAV of the fund is recently outperforming the...

Comparatively the NAV of the fund is recently outperforming the S&P500 while still sitting on 25% cash (purple is IVV S&P500 fund). Less volatility, less downside capture and about to pay a 1.5% dividend at today's price. If the bull market continues, the discount to NAV will close and you'll get a 10% bonus to the current price (beating the index). If it crashes again then they've protected a portion of your capital and have plenty of cash to deploy into the market.