The investment seeks to track the investment results of the S&P New York AMT-Free Municipal Bond IndexTM. The fund generally will invest at least 90% of its assets in the component securities of the underlying index 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 the investment-grade segment of tax-exempt bonds issued within the New York municipal bond market. The fund is non-diversified.