IVVB uses FLEX options exclusively based on the price movement of iShares Core S&P 500 ETF shares (ticker: IVV). This ETF aims to participate in price movement up to a cap and potentially buffer downside risk over a calendar quarter. The buffer does not activate until the share price of IVV declines beyond 5%, at which point the strategy hedges until the decline reaches 20%. Declines greater than 20% exposes investors to further losses. In exchange for this buffer, investors forgo some upside potential. The ETF portfolio consists of: (i) out-of-the-money FLEX options, (ii) zero strike call options, bought to provide the share price exposure, and (iii) put spread FLEX options which create the funds buffer. At the end of each calendar quarter, the fund rebalances and resets the upside cap and buffer range, based on IVVs share price at that time. To get the intended results, the fund must be held for the entire period. Investors that purchase outside of the reset day may experience a different level of investment return.