The fund will invest substantially all of its assets in FLexible EXchange® Options that reference the price performance of the iShares Russell 2000 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. -null-. The fund is non-diversified.