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The investment seeks to track the investment results (before fees and expenses) of the MSCI U.S. Treasury Duration Rotation Select Bond Index (the “underlying index”). The fund generally will invest at least 80% of its total assets in the components that comprise the underlying index. Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “index provider” or “MSCI”) compiles, maintains and calculates the underlying index, which is composed of the constituents of the MSCI U.S. government Bond Index, an index composed of fixed coupon bonds issued by the U.S. Treasury. The fund is non-diversified.