The investment seeks to track the investment results (before fees and expenses) of the S&P/LSTA U.S. Leveraged Loan 100 Index (the "underlying index").
The fund generally will invest at least 80% of its net assets (plus any borrowings for investment purposes) in senior loans that comprise the underlying index. Banks and other lending institutions generally issue senior loans to corporations, partnerships or other entities ("borrowers"). These borrowers operate in a variety of industries and geographic regions, including foreign countries.