This fund aims to replicate the performance, prior to accounting for fees and expenses, of the MSCI USA Defensive Sectors - USA Cyclical Sectors 150/50 Return Spread Index. Typically, it allocates at least 80% of its net assets (including any borrowed capital for investment) to the securities or exchange-traded funds (ETFs) that constitute the 'Long Component' of this benchmark index. The index itself measures the returns of a portfolio structured with 150% long exposure to the MSCI USA Defensive Sectors Index and 50% short exposure to the MSCI USA Cyclical Sectors Index. This investment vehicle operates as a non-diversified fund.