The Fund seeks to provide investors with returns (before fees, expenses and taxes)that match the price returns of the S&P 500 Index, up to a predetermined upside cap, while providing a buffer (before fees and expenses) against the first 15% of 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 that reference the price performance of the Index.