The investment seeks to provide investors with (1) capital appreciation 2) buffered returns against Underlying ETF losses that are 15% less than the Underlying ETF's losses over the course of the Outcome Period, if Underlying ETF losses exceed the Inverse Performance Threshold. Under normal circumstances, at least 80% of its net assets in investments that provide exposure to the Underlying ETF. It seeks to achieve the Outcomes, including the Upside Cap, Inverse Performance and Buffer, by purchasing and selling call and put FLEX Options to create layers within the fund's portfolio. The fund is non-diversified.