IBUF

IBUF uses FLEX options in an effort to moderate losses on the iShares MSCI EAFE ETF (ticker:EFA) over a three-month outcome period. The fund foregoes some upside return, as well as EFA's dividend component because the options are written on the price (not total) return version of the underlying ETF. In exchange for preventing the realization of the first 10% of the EFA's losses, investors forego upside participation above a certain threshold, which is reset quarterly. Investors who buy at any other time than the quarterly reset day may have a very different protection and buffer zone. The issuer publishes effective interim levels daily on its website. The fund must be held to the end of the outcome period to achieve the intended results. The targeted buffers and caps do not include the fund's expense ratio. The fund is actively managed.