HYND

The fund's primary objective is to mirror the financial performance (both price appreciation and income generation), excluding operating expenses, of a specific benchmark: the ICE BofA Merrill Lynch 0-5 Year U.S. High Yield Constrained, Negative Seven Duration Index. This benchmark is structured to offer sustained investment in the ICE BofA Merrill Lynch 0-5 Year US High Yield Constrained Index. Concurrently, it endeavors to mitigate interest rate volatility by maintaining short positions in government-issued U.S. Treasury securities. Under normal circumstances, the fund allocates a minimum of 80% of its total capital to the constituent securities of its tracking index, or to other investments possessing substantially equivalent economic attributes. The fund operates as a non-diversified investment vehicle.