The investment objective of the Fund is to track the price and performance, before fees and expenses, of an index comprising a group of leading Nasdaq-listed companies, identified by the Index Provider as the Magnificent Seven (Mag7). In order to seek to achieve its investment objective, the Fund will adopt a passive management investment strategy and will seek to employ a replication methodology, meaning as far as possible and practicable, it will invest in the securities in proportion to the weightings comprising the Indxx Defiance Mag7 Index (the Index).