The Fund is newly organized, non-diversified and seeks to track the investment results of the ICE BofA BB US Cash Pay High Yield Constrained Index (the Index), which contains all bonds in the ICE BofA US Cash Pay High Yield Index (the Underlying Index) that are rated BB1 though BB3, based on an average of Moodys Investors Services, Inc. (Moodys), S&P Global Ratings (S&P) and Fitch Ratings, Inc. (Fitch), but caps issuer exposure at 2 percent. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2 percent. Issuers that exceed the limit are reduced to 2 percent and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2 percent cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.