IMAR uses FLEX options in an effort to participate in the price performance of the iShares MSCI EAFE ETF (ticker: EFA), up to a predetermined cap, while buffering some downside loss over a one-year period starting each March. The fund foregoes some upside return as well as any dividend component because the options are written on the price (not total) return version of the shares. In exchange for preventing the realization of the first 15% of EFA's losses, investors forego upside participation above a certain threshold, which is reset annually. Investors who buy at any other time than the annual 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 for the entire outcome period to pursue the intended results. The targeted buffers and caps do not include the fund's expense ratio. The fund is actively managed, resets annually, and uses FLEX options exclusively.