To achieve its objective the Fund will invest at least 80 percent of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to iShares MSCI Emerging Markets ETF (the Underlying ETF), consistent with the Fund's policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund obtains this exposure primarily through FLEXible EXchange Options (FLEX Options) on the Underlying ETF. FLEX Options are exchange-traded options with terms that may be customized within exchange guidelines. While FLEX Options are cleared and guaranteed for settlement by The Options Clearing Corporation (OCC), they remain subject to risks associated with the clearinghouse and may be less liquid than more standardized listed options. Because the Fund uses options to pursue its objectives, an investment in the Fund has return characteristics that differ from many traditional investment vehicles, and investors should understand these characteristics before investing.