Industry description
The investment seeks to provide investors with returns (before fees and expenses) that match the price return of the SPDR® S&P 500® ETF Trust.
Under normal market conditions, the fund will invest substantially all of its assets in FLexible EXchange® Options that reference the price performance of the SPDR® S&P 500® ETF Trust. 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.