| Investment Objective: |
The Fund seeks to provide investors with returns that generally match the price return (excluding dividends) of the iShares MSCI EAFE ETF, up to the upside cap of % (prior to taking into account management fees and other fees) while providing a buffer against the first 15% (prior to taking into account management fees and other fees) of iShares MSCI EAFE ETF losses. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to iShares MSCI EAFE ETF (the "Underlying ETF"), consistent with the Fund's policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund obtains this exposure primarily through FLEXible EXchange Options ("FLEX Options") on the Underlying ETF. FLEX Options are exchange-traded options with terms that may be customized within exchange guidelines. The Fund's strategy is structured to seek the Outcomes based on the Underlying ETF's price return over the Outcome Period. Because the Fund obtains exposure primarily through options, it generally will not receive the benefit of dividend payments made by the Underlying ETF to the extent of its FLEX Options positions. |
