The fund seeks to achieve its objective by investing all, or substantially all, of its assets in investments that should track the performance of the index or in financial instruments that provide similar exposure. The index is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds rated below "investment grade" (High Yield Bonds) and (b) short positions in U.S. Treasury notes or bonds (Treasury Securities) of, in aggregate, approximate equivalent duration to the High Yield Bonds.