The Fund normally invests at least 80 percent of its total assets in common stocks and American depositary receipts (ADRs) of companies involved in the environmental services industry. The NYSE Arca Environmental Services Index is designed to measure the performance of widely held, highly capitalized companies engaged in business activities that may benefit from the global increase in demand for consumer waste disposal, removal and storage of industrial by-products, and the management of associated resources. Such companies may include small- and medium-capitalization companies.