General Strategy Description. The Fund invests at least 80 percent of its net assets in a portfolio of FLexible EXchange Options (FLEX Options) that reference the SPDR S&P 500 ETF Trust (the Underlying ETF), an exchange-traded fund registered under the Investment Company Act of 1940 (the 1940 Act). The Underlying ETF seeks to track the investment results of the S&P 500 Index, a large-cap, market-weighted, U.S. equities index that tracks the performance of 500 leading companies in leading industries. To the extent the Underlying ETF concentrates (i.e., holds 25 percent or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. Through its use of FLEX Options on the Underlying ETF, the Fund has significant exposure to information technology companies.