The investment seeks to provide investors with returns that match the price return of the iShares MSCI Emerging Markets ETF. The fund invests at least 80% of its net assets in FLexible EXchange® Options (FLEX Options) that reference the iShares MSCI Emerging Markets ETF (the ?Underlying ETF?). FLEX Options are exchange-traded options contracts with uniquely customizable terms. The reference asset for all of the fund's FLEX Options is the Underlying ETF. It is non-diversified.