FLEX Options are equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. As the fund will invest in FLEX Options which are traded in U.S. dollars, the fund will, in respect of its hedged units, generally seek to hedge substantially all of its U.S. dollar currency exposure back to the Canadian dollar. The fund seeks to shield investors from the first 10% of losses (before fees, expenses and taxes), based on the value of the underlying ETF at the time the fund enters into the FLEX Options on the first day of a defined period known as the target outcome period.