This case study is based upon real clients. This content is for illustrative purposes only, may not be representative of any future experience of our clients, and is not intended to provide specific recommendations to any individual. Options involve risk and are not suitable for all investors. Individuals should not enter into option transactions until they have read and understood the option disclosure document titled Characteristics and Risks of Standardized Options issued by the Options Clearing Corporation (“OCC”) which outlines the purposes and risks of option transactions. The option disclosure document can be obtained from your broker, any of the options exchanges or OCC. All investment strategies carry risk, and transactions in options may carry a high degree of risk. Options derive their value from underlying equities or indices, and the derivative value is directly related to the underlying security, thus they carry many, if not more, of the same risks as the underlying equity or index. Diversification and asset allocation do not ensure a profit or guarantee against loss. Investing involves risk, including possible loss of principal. Alternative investments may not be suitable for all investors and involve special risks such as leveraging the investment, potential adverse market forces, regulatory changes, and potential illiquidity. A bond ladder, depending on the types and amount of securities within the ladder, may not ensure adequate diversification of your investment portfolio. As compared to other fixed income products and strategies, engaging in a bond ladder strategy may potentially result in future reinvestment at lower interest rates and may necessitate higher minimum investments to maintain cost-effectiveness. The investment products discussed herein are considered complex investment products. Such products contain unique features, risks, terms, conditions, fees, charges, and expenses specific to each product. The overall performance of the product is dependent on the performance of an underlying or linked derivative financial instrument, formula, or strategy. Return of principal is not guaranteed and is subject to the credit risk of the issuer. Investments in complex products are subject to the risks of the underlying reference asset classes to which the product may be linked, which include, but are not limited to, market risk, liquidity risk, call risk, income risk, as well as other risks associated with foreign, developing, or emerging markets, such as currency, political, and economic risks. Depending upon the particular complex product, participation in any underlying asset is subject to certain caps and restrictions. Any investment product with leverage associated may work for or against the investor. Investors who sell products prior to maturity are subject to the risk of loss of principal, as there may not be an active secondary market. Important information about these investments is contained in the Information Statement or Prospectus and Prospectus Supplement of each note, which should be read carefully before investing.