The Fund seeks to provide investors with returns (before fees, expenses and taxes) that match the price returns of theS&P 500 Index (the "Index"), up to a predetermined upside cap, while seeking to provide the maximum available buffer (before fees and expenses), against Index losses (the "Buffer"), over a specified approximately one-year time period (the "Target Outcome Period"). The Fund intends to pursue an actively managed investment strategy and will seek to achieve its investment objective by investing substantially all of its assets in FLexible EXchange Options ("FLEX Options") that reference the performance of the Index. The Fund will primarily invest in financial derivative instruments for investment purposes. The Fund seeks to provide the maximum available buffer (before fees and expenses) on Index losses at the end of each Target Outcome Period while setting a pre-determined Upside Cap of at least 7%. The Buffer and Upside Cap are established at the beginning of each Target Outcome Period and are dependent on prevailing market conditions. If the Buffer for a Target Outcome Period is less than 100% and the Index has decreased in value by more than the Buffer over the Target Outcome Period, the Fund will experience subsequent losses on a one-to-one basis (before fees and expenses).The Buffer and the Upside Cap will both be reduced by the Annual Management Fee, as well as any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's Annual Management Fee.