The investment seeks to provide investors with returns (before fees, expenses and taxes) that match those of the SPDR® S&P 500® ETF Trust. Under normal market conditions, the fund will invest substantially all of its assets in FLexible EXchange® Options (FLEX Options) that reference the performance of the SPDR® S&P 500® ETF Trust. FLEX Options are customized 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. It is non-diversified.