Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange Options that reference the price performance of the Underlying ETF. 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. The Underlying ETF is an exchange-traded unit investment trust that uses a replication strategy, meaning it invests in as many of the stocks in the S&P 500 Index as is practicable. PDR Services, LLC serves as the Underlying ETF's sponsor. The investment objective of the Underlying ETF is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the S&P 500 Index. The Fund's performance will not reflect the payment of dividends by the Underlying ETF. See The Underlying ETF for more information.