The fund will invest substantially all of its assets in a portfolio of FLexible EXchange® Options (FLEX Options) that reference the SPDR® S&P 500® ETF Trust, Invesco QQQ TrustSM, Series 1 and the iShares Russell 2000 ETF. FLEX Options are exchange-traded options contracts with uniquely customizable terms. Although guaranteed for settlement by the Options Clearing Corporation (the OCC), FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded options. It is non-diversified.
