The investment seeks to provide investors with returns that generally match the price return of the iShares ®MSCI Emerging Markets ETF, up to the upside cap of [ ]% (prior to taking into account management fees and other fees) while providing a buffer against the first 15% (prior to taking into account management fees and other fees) of iShares ®MSCI Emerging Markets ETF losses, over the period from September 1, 2026 to August 31, 2027. It obtains this exposure primarily through FLexible EXchange ®Options ('FLEX Options') on the Underlying ETF. The fund is non-diversified.