The investment seeks to provide investment results that, before fees and expenses, correspond to the total return performance of an index derived from the semiconductor segment of a U.S. total market composite index.
The fund employs a replication strategy in seeking to track the performance of the S&P Semiconductor Select Industry Index. It generally invests substantially all, but at least 80%, of total assets in the securities comprising the index. The fund may invest in equity securities that are not included in the index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds. It is non-diversified.