The Fund will invest substantially all of its assets in FLexible EXchange Options (FLEX Options) that reference the price performance of the iShares Russell 2000 ETF (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 fund that seeks to track the investment results of the Russell 2000 Index (the Underlying Index). BlackRock Fund Advisors (BFA) serves as the Underlying ETFs 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 Russell 2000 Index (the Index) by investing at least 80% of its assets in the component securities of the Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index (i.e., depositary receipts representing securities of the Underlying Index).