Under normal market conditions, the Fund invests at least 80 percent of its net assets (plus any borrowings for investment purposes) in equity securities of large capitalization companies or instruments with similar economic characteristics. For purposes of the Funds 80 percent policy, large capitalization companies are those within the range of capitalizations of the Underlying ETFs Index (as defined below). Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for purposes of the Funds 80 percent policy. The Fund seeks to provide the Fund with exposure to the share price return of the Underlying ETF up to an approximate upside limit (the Approximate Cap), while seeking to provide downside protection against approximately the first 5 percent of Underlying ETF losses (the Approximate Buffer) and lower volatility over each calendar quarter, or Hedge Period (as defined below). The Fund principally buys and sells shares of the Underlying ETF and customized call and put equity or index exchange-traded options contracts that reference the Underlying ETF, referred to as Flexible Exchange Options (FLEX Options), as well as other listed options that reference the price performance of the Underlying ETF, the Underlying ETFs Index, or exchange- traded funds (ETFs) that replicate the Underlying ETFs Index (collectively, exchange-traded options).