The fund attempts to outperform the broad US technology market by selecting securities based on growth and value factors, and skewing away from neutral coverage. The fund’s tiered equal-weighting scheme leads to a midcap bias and significant sector tilts. That is, FHQ overweights semiconductor companies at the expense of larger software and IT services firms. Overall, the fund offers a “smart beta” approach to the US technology space, instead of giving market-like sector exposure. The index is reconstituted and rebalanced quarterly.