The fund uses a "passive management" (or indexing) approach to track the performance, before fees and expenses, of the index. The index is composed of the exchange-listed common stock (or depositary receipts) of U. S. and international passenger airlines, aircraft manufacturers, airports, terminal services companies, and airline-related internet media and services companies (e.g., websites for purchasing airline tickets), each as determined by independent industry listings (collectively, “Airline Companies”).