PAPR

The fund invests at least 80% of its net assets in FLexible EXchange® Options ("FLEX Options") that reference the SPDR® S&P 500® ETF Trust. FLEX Options are exchange-traded options 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.