KAUG

The Fund seeks to provide investors with returns that match the price return of the iShares Russell 2000 ETF, up to the upside cap of 19.61% (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 Russell 2000 ETF losses, over the period from August 1, 2024 to July 31, 2025. 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 iShares Russell 2000 ETF (the "Underlying ETF"). FLEX Options are exchange-traded option contracts with uniquely customizable terms.