The investment seeks to provide investors with returns (before fees and expenses) that match the price return of the State Street® SPDR® S&P 500® ETF Trust (the 'Underlying ETF'). Under normal market conditions, the fund will invest substantially all of its assets in FLexible EXchange® Options ('FLEX Options') that reference the price performance of the State Street® SPDR® S&P 500® ETF Trust (the 'underlying ETF'). 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. The fund is non-diversified.