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The investment seeks to track the investment results, of publicly traded Depositary Receipts representing securities of issuers in emerging markets represented by the S&P/BNY Mellon Emerging 50 ADR Index (USD). The index is developed by the Licensor from a universe of Depositary Receipts defined by the S&P/Bank of New York Mellon ADR Index (“S&P/BNY Mellon ADR Composite Index”). The fund normally holds at least 95% of its total assets in Depositary Receipts that comprise the index, and will seek to track the investment results, before fees and expenses, of the index. It is non-diversified.