Under normal market conditions, the fund invests at least 80% of its net assets in instruments with economic characteristics similar to U.S. large cap equity securities. The adviser intends to invest substantially all of its assets in FLexible EXchange Options that reference the the index. The index is a large-cap, market-weighted, U.S. equities index that tracks the price of the leading companies that reflect the industries of the U.S. economy and is often considered a proxy for the stock market in general. It is non-diversified.