KMAY

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 18.52% (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 May 1, 2025 to April 30, 2026. The fund invests 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. The reference asset for all of the Fund's FLEX Options is the Underlying ETF. The Underlying ETF is an exchange-traded fund that seeks to track the investment results of the Russell 2000 Index, which is a float-adjusted capitalization-weighted index of equity securities issued by the approximately 2,000 smallest issuers in the Russell 3000 Index. The Underlying ETF measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell.