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This paper proposes to improve spoken term detection (STD) accuracy by optimizing the figure of merit (FOM). In this paper, the index takes the form of a phonetic posterior-feature matrix. Accuracy is improved by formulating STD as a discriminative training problem and directly optimizing the FOM, through its use as an objective function to train a transformation of the index. The outcome of indexing is then a matrix of enhanced posterior-features that are directly tailored for the STD task. The technique is shown to improve the FOM by up to 13% on held-out data. Additional analysis explores the effect of the technique on phone recognition accuracy, examines the actual values of the learned transform, and demonstrates that using an extended training data set results in further improvement in the FOM.