The fund is passively managed to hold investment-grade, short-term corporate bonds that are denominated in US dollars. The fixed-rate corporate bonds could be from both US and non-US issuers that have a remaining term to maturity of between one year and five years. The fund may employ replicating and sampling strategies. It may also make use of derivatives, which could open investors up to potential counterparty risk. The index is rebalanced monthly and weighted by market value.