The Fund will invest at least 80% of its total assets in the securities of the Global X U.S. High Yield Preferred Index (Underlying Index) and in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) based on the securities in the Underlying Index. Moreover, at least 80% of the Fund's total assets will be invested in preferred securities. The Fund's 80% investment policies are non-fundamental and require 60 days prior written notice to shareholders before they can be changed. The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of the collateral received).