ZMAY

The Fund seeks to provide investors with returns that match the upside price return of the SPDR S&P 500 ETF Trust, up to the upside cap of 7.21% (prior to taking into account management fees and other fees) while providing a buffer against 100% of SPDR S&P 500 ETF Trust losses (prior to taking into account management fees and other fees), over the period from May 1, 2025 through April 30, 2026. The Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in FLexible EXchange Options ("FLEX Options") that reference the SPDR S&P 500 ETF Trust (the "Underlying ETF"). FLEX Options are exchange-traded option contracts with uniquely customizable terms. The reference asset for all of the Fund's FLEX Options is the Underlying ETF, an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index (the "U.S. Equity Index"). The Underlying ETF invests in equity securities of companies, including companies with large capitalizations.