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The fund shall mainly invest at least 80% of its NAV in SPDR S&P 500 ETF (master fund), an Exchange Traded Fund managed by State Street Global Advisors and traded on the New York Stock Exchange (NYSE Arca). The master fund's objective is to provide investment results that, before expenses, correspond to the price and yield of the S&P 500 Index. The remaining may invest in other assets or securities as stated or approved by the SEC. Additionally, the fund will not invest in structured note and noninvestment grade/unrated securities, but may invest in derivatives for hedging purpose only.
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