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The","page_number":3,"box":{"x":53,"y":711,"width":401,"height":11}},{"id":"71df0c56-df3c-4c9a-ba77-15db7317d0e3","block_type":"box","text":"Underlying Fund’s underlying index is market value weighted,","page_number":3,"box":{"x":53,"y":725,"width":390,"height":11}},{"id":"2494f3f2-b135-478a-974c-f502aa157368","block_type":"box","text":"and its constituents are updated on the last calendar day of each","page_number":3,"box":{"x":53,"y":739,"width":414,"height":11}},{"id":"37cb830d-7489-4aa7-a5c6-9315e9c634be","block_type":"box","text":"month.","page_number":3,"box":{"x":53,"y":753,"width":43,"height":8}},{"id":"0d37525d-fd81-4e37-8905-168408784ff6","block_type":"box","text":"BFA is the investment adviser to the Underlying Fund and receives","page_number":3,"box":{"x":53,"y":775,"width":422,"height":11}},{"id":"9e492b13-9e8f-4548-a022-bd1a52f3da24","block_type":"box","text":"a management fee from the Underlying Fund. Shares of the","page_number":3,"box":{"x":53,"y":789,"width":378,"height":11}},{"id":"d4bd0545-6463-4a20-8020-b5175668f549","block_type":"box","text":"Underlying Fund are listed on Cboe BZX.","page_number":3,"box":{"x":53,"y":803,"width":257,"height":11}},{"id":"5e9d5d10-5caa-4ac8-a043-d232a14c0ea8","block_type":"box","text":"The Written Call Options","page_number":3,"box":{"x":52,"y":826,"width":209,"height":13}},{"id":"c564ea79-286b-4f12-93e9-80050ac22865","block_type":"box","text":"The options in the index are referred to generally as Flexible","page_number":3,"box":{"x":52,"y":850,"width":383,"height":11}},{"id":"ba1b3055-f06a-49a0-b5f0-adb308386e68","block_type":"box","text":"Exchange Options (“FLEX Options”). FLEX Options provide the","page_number":3,"box":{"x":53,"y":864,"width":396,"height":11}},{"id":"1ee488c8-f9a5-4fc7-bf49-01b0c6ef86d0","block_type":"box","text":"ability to customize key option contract terms such as strike price,","page_number":3,"box":{"x":53,"y":878,"width":425,"height":10}},{"id":"8f487b3f-5055-477b-94bd-e68cb39159dc","block_type":"box","text":"style and expiration date. The Underlying Index utilizes","page_number":3,"box":{"x":53,"y":892,"width":347,"height":10}},{"id":"74410935-b2a5-480d-b463-2a5736846cc2","block_type":"box","text":"“European-style” call options, meaning they are exercisable at","page_number":3,"box":{"x":519,"y":49,"width":397,"height":11}},{"id":"2d2666bf-dfe5-4e87-bb23-98c8107b0f2c","block_type":"box","text":"the strike price only on the expiration date. The Underlying Index","page_number":3,"box":{"x":518,"y":63,"width":414,"height":11}},{"id":"78bf5d86-da35-4320-b3c6-16d87d8d509d","block_type":"box","text":"utilizes four tranches of call options with staggered four-week","page_number":3,"box":{"x":519,"y":77,"width":394,"height":11}},{"id":"381a511e-5727-4d9c-a776-697da21416e0","block_type":"box","text":"expiration cycles and each tranche represents an equal share of","page_number":3,"box":{"x":519,"y":91,"width":409,"height":10}},{"id":"4c1e8a21-b2e7-4dcd-a0da-4bbb1439876a","block_type":"box","text":"the Underlying Index. Each call option in the Underlying Index has","page_number":3,"box":{"x":518,"y":105,"width":419,"height":10}},{"id":"a705dbcd-9d90-4de3-8cd0-28586b1019b9","block_type":"box","text":"a strike price equal to 102% of the closing value of the Underlying","page_number":3,"box":{"x":519,"y":118,"width":417,"height":11}},{"id":"716c5e76-a997-4476-ac9b-5db18a0dad19","block_type":"box","text":"Fund on the applicable roll date. If, on the business day prior to","page_number":3,"box":{"x":519,"y":132,"width":403,"height":11}},{"id":"cc79fd1f-5785-4850-b47b-53454b0d43e4","block_type":"box","text":"the applicable roll date, the premium percentage of the 102%","page_number":3,"box":{"x":518,"y":146,"width":390,"height":11}},{"id":"65514772-f5d4-4b95-9b4f-4c29edaccbed","block_type":"box","text":"call option is below five basis points of the closing price of the","page_number":3,"box":{"x":519,"y":160,"width":396,"height":11}},{"id":"6ef48583-4ef3-4097-a3e5-6450aa422690","block_type":"box","text":"Underlying Fund on such business day, the Underlying Index will","page_number":3,"box":{"x":519,"y":174,"width":408,"height":11}},{"id":"d560c1fe-bf4f-46bb-a648-6b12b53b54f0","block_type":"box","text":"instead select a new call option with the strike price equal to","page_number":3,"box":{"x":519,"y":188,"width":387,"height":11}},{"id":"4c848f00-0a05-4824-b891-1e84c829a704","block_type":"box","text":"100% of the closing value of the Underlying Fund. The roll date is","page_number":3,"box":{"x":521,"y":202,"width":409,"height":11}},{"id":"451e4372-3f1d-4879-b2c9-e3c0728a79d0","block_type":"box","text":"the day that the Underlying Index settles the expiring call option","page_number":3,"box":{"x":518,"y":216,"width":409,"height":11}},{"id":"7621e317-519b-4cd7-bd05-e161be3eae15","block_type":"box","text":"for the applicable tranche and writes a new call option for that","page_number":3,"box":{"x":518,"y":230,"width":398,"height":11}},{"id":"5e7d0a65-33a1-4cae-a234-db42a1739ed4","block_type":"box","text":"tranche’s new four-week cycle scheduled to expire on the last","page_number":3,"box":{"x":518,"y":244,"width":396,"height":11}},{"id":"5c6ee398-9bda-4fe9-a9e1-701b329684fa","block_type":"box","text":"trading day of the week falling four weeks from that roll date.","page_number":3,"box":{"x":518,"y":258,"width":390,"height":11}},{"id":"007afb46-3ba6-42ae-afd4-aeb7bcafebbe","block_type":"box","text":"Each tranche will have a roll date occurring on a different week","page_number":3,"box":{"x":519,"y":272,"width":402,"height":10}},{"id":"fe460de2-b92b-4fc2-b735-0a4a8f4dfdee","block_type":"box","text":"from any other tranche. The Underlying Index is rebalanced","page_number":3,"box":{"x":518,"y":286,"width":378,"height":10}},{"id":"9e4fab24-0aff-44a7-8098-ad7e69dbdd13","block_type":"box","text":"weekly so that each tranche continues to represent an equal","page_number":3,"box":{"x":518,"y":299,"width":387,"height":11}},{"id":"586cc2b3-ef90-4f97-919b-cacd2ed5de8b","block_type":"box","text":"share of the Underlying Index at the close of trading on each","page_number":3,"box":{"x":519,"y":313,"width":385,"height":11}},{"id":"1fcd7cef-ef3c-477d-b1c5-635fa67bb2c2","block_type":"box","text":"weekly roll date.","page_number":3,"box":{"x":518,"y":327,"width":104,"height":11}},{"id":"32345b75-e66d-4714-9f4e-3be383ee0400","block_type":"box","text":"By writing a call option, the Underlying Index receives a premium","page_number":3,"box":{"x":519,"y":349,"width":413,"height":11}},{"id":"0e309d84-8224-4032-911f-6e59e61dd0d5","block_type":"box","text":"and gives up the economic exposure to increases in the value","page_number":3,"box":{"x":519,"y":363,"width":393,"height":11}},{"id":"8a9f7a55-1b08-4ba0-84a3-c3de5a0ee64a","block_type":"box","text":"of the Underlying Fund above the strike price at expiration. By","page_number":3,"box":{"x":519,"y":377,"width":396,"height":11}},{"id":"dd8bb568-1c5c-4179-b034-caa8b61f365c","block_type":"box","text":"writing the call options, the Underlying Index will not participate","page_number":3,"box":{"x":518,"y":391,"width":408,"height":11}},{"id":"0f2519e8-90ce-41bd-b501-9a33346b6e46","block_type":"box","text":"in market gains of the Underlying Fund above the strike price but","page_number":3,"box":{"x":519,"y":405,"width":414,"height":11}},{"id":"0a7a8618-eecd-4cd6-8de0-390757add7f3","block_type":"box","text":"will fully participate in any market losses if the Underlying Fund","page_number":3,"box":{"x":518,"y":419,"width":404,"height":11}},{"id":"5b086cd3-112d-407a-897a-57f758e03292","block_type":"box","text":"declines in value.","page_number":3,"box":{"x":519,"y":433,"width":108,"height":8}},{"id":"078ebaaf-b3ad-4e5b-b33c-42c5530ec338","block_type":"box","text":"Distributions","page_number":3,"box":{"x":520,"y":456,"width":108,"height":10}},{"id":"a36374dc-2ccb-46a3-8d24-df0aea8e311d","block_type":"box","text":"The Fund expects to make monthly distributions typically","page_number":3,"box":{"x":518,"y":480,"width":365,"height":11}},{"id":"7fd82c08-3ee7-4ab5-86ca-689fb3fd0d67","block_type":"box","text":"consisting of net investment income and amounts attributable","page_number":3,"box":{"x":519,"y":494,"width":397,"height":11}},{"id":"a1fb42e9-f200-4a8f-8a0d-f50e209b22bd","block_type":"box","text":"to option premiums received by the Fund, generally up to the","page_number":3,"box":{"x":518,"y":508,"width":390,"height":11}},{"id":"98e4d10c-560b-4d78-b837-504a284b4cd2","block_type":"box","text":"extrinsic value of such options when traded. 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