General Strategy Description. The Fund invests at least 80 percent of its net assets in Flexible Exchange Options that reference the iShares MSCI Emerging Markets ETF. FLEX Options are exchange-traded option contracts with uniquely customizable terms. Although guaranteed settlement by the Options Clearing Corporation, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded option contracts. Due to the unique mechanics of the Funds strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understands these characteristics before making an investment in the Fund.