Industry description
The investment seeks to provide investors with returns that, before fees and expenses of the fund, match those of the SPDR®S&P 500®ETF Trust up to a predetermined upside cap of14.43% (before fees and expenses of the fund) and 13.68% (after fees and expenses of the fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from April 3, 2023 to March 28, 2024.
The fund is an actively managed ETF that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options that reference the market price of the SPDR® S&P 500® ETF Trust. It is non-diversified.