| Investment Objective: |
The Fund pursues a buffered strategy that seeks to provide returns that track the share price returns of the iShares MSCI EAFE ETF (the "Underlying ETF") (i.e., the market price returns of the Underlying ETF), at the end of a specified one-year period, from July 1 to June 30, as described below (the "Outcome Period"), subject to a "Spread," and to provide downside protection with a buffer against the first 15.00% of Underlying ETF losses for the Outcome Period (the "Buffer"). The Spread represents the opportunity cost (i.e., the upside performance a shareholder forgoes) in return for the downside protection provided by the Buffer. The Fund's intended return measured across different market conditions (e.g., rising or declining markets) is referred to as "outcomes" in this prospectus. The Underlying ETF's share price returns reflect the price at which the Underlying ETF's shares trade on the secondary market (not the Underlying ETF's net asset value). Under normal market conditions, the Fund invests at least 80% of its net assets in instruments with economic characteristics similar to equity securities. Specifically, the Fund intends to invest substantially all of its assets in FLexible EXchange Options ("FLEX Options") that reference the Underlying ETF. |
