The Fund is an actively managed exchange-traded fund (ETF) that is designed to provide investors with the opportunity to benefit from increases in the Underlying ETF's share price up to the stated cap over a specified period of time of approximately one-year (the Outcome Period), while providing protection against decreases in the Underlying ETF's share price over the same Outcome Period (before taking fees and expenses into account). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange Options (FLEX Options) that reference the price performance of the SPDR S&P 500 ETF Trust (the Underlying ETF). FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates.