The investment seeks to provide investors with returns that generally match the price return (excluding dividends) of the SPDR ®S&P 500 ®ETF Trust, up to the upside cap of [ ]% (prior to taking into account management fees and other fees) while providing a buffer against 100% of losses of SPDR ®S&P 500 ®ETF Trust (prior to taking into account management fees and other fees), over the period from July 1, 2026 to June 30, 2027. Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to SPDR ®S&P 500 ®ETF Trust. It is non-diversified.