Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies are available from your broker or from The Options Clearing Corporation at www.theocc.com. The Cboe S&P 500 Enhance & Buffer Index (the "Index") is designed to represent a proposed hypothetical yield protection strategy. Like many passive indexes, the Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes. In the construction of the Index, the options components of each series is assumed to be purchased and sold at a certain price on the last business day of the series. However, there is no guarantee that all investors will be able to buy or sell at this price, and investors attempting to replicate the Index should discuss with their brokers possible timing and liquidity issues. This paper contains index performance data based on back-testing, i.e., calculations of how the index might have performed prior to launch. Back-tested performance information is purely hypothetical and is provided in this paper solely for informational purposes. Back-tested performance does not represent actual performance and should not be interpreted as an indication of actual performance. No representation is being made that any investment will or is likely to achieve a performance record similar to that shown. It is not possible to invest directly in an index. Cboe Exchange, Inc. calculates and disseminates the Index.
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