Investa Management of New York is planning to introduce two new no-load funds. One of them is an index fund that will attempt to beat the returns of the S&P 500 by using a proprietary options strategy, according to an SEC filing.

The Super Index Fund will invest at least 80 percent of its assets in stocks of the S&P 500. About 20 percent of the fund will be invested using the Investa overwriting strategy. The strategy involves buying and selling S&P index options to enhance the fund's performance. The firm has its own software to analyze the best times to make use of the options, the filing said.

The other fund is the InvestmentWizard Fund, which will invest according to information provided by InvestmentWizard, an interactive Internet database composed of Wall Street analysts' opinions as well as technical data. The fund will also make use of the Investa overwriting strategy, the filing said.

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