BDEC

The fund invests under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the SPDR ® S&P 500 ® ETF Trust (the “Underlying ETF”). The fund invests in FLEX Options on the Underlying ETF. FLEX Options are exchange-traded option contracts with uniquely customizable terms. It is non-diversified.