The investment seeks to track the investment results of the S&P International Preferred Stock IndexTM. The fund generally will invest at least 90% of its assets in the component securities of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents. The index measures the performance of a select group of preferred stocks from non-U.S. developed market issuers and traded on non-U.S. developed market exchanges as defined by the index provider. The fund is non-diversified.