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.

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