HYND

The investment seeks to track the price and yield performance, before fees and expenses, of the ICE BofA Merrill Lynch 0-5 Year U.S. High Yield Constrained, Negative Seven Duration Index. The index is designed to provide long exposure to the ICE BofA Merrill Lynch 0-5 Year US High Yield Constrained Index while seeking to manage interest rate risk through the use of short positions in U.S. Treasury securities. The fund normally invests at least 80% of its total assets in the component securities of the index and investments that have economic characteristics that are substantially identical to such component securities. It is non-diversified.