HealthShares European Drugs ETF (the Fund) is one in a series of HealthShares exchange-traded funds (ETFs) that are organized vertically by therapeutic categories in pharmaceuticals, healthcare services, life sciences and biotechnology. The Fund seeks investment results that correspond to the performance of HealthShares European Drugs Index (the Index), an equity index of publicly traded common stocks and American depository receipts (ADRs). The Index invests in healthcare, life sciences and/or biotechnology companies that have been identified as European drug companies. Companies included in the Index are headquartered in Europe and quoted on at least one European Stock Exchange that are engaged in the research, clinical development, manufacturing and commercialization of pharmaceutical products, small molecule/chemical moieties, biologics (proteins, peptides, oligoneucleotides and cell/gene therapies) and vaccines. The Fund’s investment advisor is XShares Advisors LLC.