The investment seeks to provide investors with a buffer against the first 10% of losses on the price returns of the State Street® SPDR® S&P 500® ETF Trust (the 'Underlying ETF') while also providing a predetermined return level ('digital return') that is [___]% (before fees and expenses) if the Underlying ETF appreciates in price, remains unchanged or decreases in price by 10% or less, over the period from July 20, 2026 through July 16, 2027. Under normal market conditions, the fund will invest substantially all of its assets in FLexible EXchange® Options ('FLEX Options') that reference the price performance of the underlying ETF. It is non-diversified.