Industry description
The investment seeks to provide investors with returns that match those of the SPDR®S&P 500®ETF Trust up to a predetermined upside cap of15.43% (before fees and expenses of the fund) and 14.68%, while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from January 2, 2024 to December 31, 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.