The Fund pursues a buffered strategy that seeks to provide returns that track the share price returns of the SPDR S&P 500 ETF Trust (the Underlying ETF) (i.e., the market price returns of the Underlying ETF), at the end of a specified one-year period, from December 1 to November 30, as described below (the Outcome Period), subject to a Spread, and to provide downside protection with a buffer against the first 15 percent 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 Funds intended return measured across different market conditions (e.g., rising or declining markets) is referred to as outcomes in this prospectus Under normal market conditions, the Fund invests at least 80 percent of its net assets in instruments with economic characteristics similar to U.S. equity securities. Specifically, the Fund intends to invest substantially all of its assets in FLexible EXchange Options (FLEX Options) that reference the Underlying ETF. FLEX Options are customized equity or index options contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. The Fund may purchase and sell a combination of call option contracts and put option contracts. A call option contract is an agreement between a buyer and seller that gives the purchaser of the call option contract the right, but not the obligation, to buy, and the seller of the call option contract (or the writer) the obligation to sell, a particular asset at a specified future date at an agreed upon price (commonly known as the strike price). A put option contract gives the purchaser of the put option contract the right, but not the obligation, to sell, and the writer of the put option contract the obligation to buy, a particular asset at a specified future date at the strike price.