WEBs Defined Volatility XLY 

The fund implements its investment objective by investing, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in financial instruments that achieve the investment results of the index. The index is a rules-based strategy that seeks to track the net asset value of a portfolio of securities of companies in the consumer discretionary sector of the large-cap U.S. equity market. The fund is non-diversified.