The investment seeks to provide investors with returns that match the price return of the iShares 20+ Year Treasury Bond ETF, up to the upside cap of 9.00% (prior to taking into account management fees and other fees) and 8.21% (after taking into account management fees and other fees) while providing a buffer against the first 9% of iShares 20+ Year Treasury Bond ETF losses, over the period from July 1, 2021 to June 30, 2022. The fund invests at least 80% of its net assets in FLexible EXchange® Options (FLEX Options) that reference the iShares 20+ Year Treasury Bond ETF (the Underlying ETF). It is non-diversified.