The investment seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust, up to a predetermined upside cap of 8.40% and 7.55%, while providing a buffer against Underlying ETF losses between -5% and -30% over the period from July 20, 2020 to July 16, 2021. Normally, the fund will invest substantially all of its assets in FLEX Options that reference the price performance of the Underlying ETF. It uses FLEX Options to employ a target outcome strategy. Target outcome strategies seek to produce pre-determined investment outcomes based upon the performance of an underlying security or index. The fund is non-diversified.