BUFR

The fund is a basket of defined outcome buffer ETFs. The fund consists of twelve equity buffer funds which each has exposure to SPY's capped gains and 10% buffered losses. BUFR will invest equally in the Underlying ETFs, holding one Underlying ETF with options expiring within one month, a second Underlying ETF with options expiring within two months, a third Underlying ETF with options expiring within three months, up until a twelfth Underlying ETF with options expiring within twelve months. Unlike the monthly equity buffers that reset annually on a specific month, BUFR refreshes monthly starting February, wherein one of the Underlying ETFs resets its cap and refreshes its buffer. This creates a continuous hedge for BUFR regardless of each Underlying ETFs outcome period. The approach reduces the timing risks associated with a monthly buffer strategy. Information on BUFR's exposure to the underlying ETFs, remaining cap and buffer is provided daily on the Issuer's website.