The Fund is a passively managed Exchange-Traded Fund (ETF), which aims to track the Total Return performance of the NASDAQ Biotechnology Index (the Index), less fees, expenses and transaction costs. The Index is designed to represent the performance of biotechnology and pharmaceutical securities on the NASDAQ Stock Market. The Fund does this through the use of unfunded swaps. The Index is a modified market capitalisation weighted index. The securities eligible for inclusion include common stocks, ordinary shares, ADRs and shares of beneficial interest or limited partnership interests.