Strategy. The Fund normally invests at least 80% of its total assets in securities that comprise the Funds benchmark index. For purposes of this policy, the term assets means net assets plus the amount of any borrowings for investment purposes. The Index is calculated by FTSE Russell Ltd., (the Index Provider), and is entirely comprised of fixed-rate, Renminbi (RMB)-denominated bonds issued in the Peoples Republic of China (China or the PRC) by Chinese credit, governmental and quasi-governmental ( e.g. , policy banks) issuers (RMB Bonds) with a maturity of 0-10 years. Credit RMB Bonds must have an investment grade rating by Standard & Poors or Moodys Investors Service to be included in the Index. With respect to governmental bonds, which do … Show more… The Fund normally invests at least 80% of its total assets in securities that comprise the Funds benchmark index. For purposes of this policy, the term assets means net assets plus the amount of any borrowings for investment purposes. The Index is calculated by FTSE Russell Ltd., (the Index Provider), and is entirely comprised of fixed-rate, Renminbi (RMB)-denominated bonds issued in the Peoples Republic of China (China or the PRC) by Chinese credit, governmental and quasi-governmental ( e.g. , policy banks) issuers (RMB Bonds) with a maturity of 0-10 years. Credit RMB Bonds must have an investment grade rating by Standard & Poors or Moodys Investors Service to be included in the Index. With respect to governmental bonds, which do not have a credit rating requirement, the Index Provider selects sovereign bonds issued by the PRC. With respect to quasi-governmental bonds, which do not have a credit rating requirement, the Index Provider currently selects policy bank bonds issued by China Development Bank, the Agricultural Development Bank of China, and the Export-Import Bank of China, which are state-owned banks responsible for financing economic and trade development and state invested projects. As of December 31, 2024, the Index was comprised of 541 bonds of 55 issuers. The Funds 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days prior written notice to shareholders. The Fund, using a passive or indexing investment approach, attempts to approximate the investment performance of the Index. Unlike many investment companies that try to beat the performance of a benchmark index, the Fund does not try to beat the Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Index. Because of the practical difficulties and expense of purchasing all of the securities in the Index, the Fund does not purchase all of the securities in the Index. Instead, the Adviser utilizes a sampling methodology in seeking to achieve the Funds objective. As such, the Fund may purchase a subset of the bonds in the Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the Index. The Fund seeks to achieve its investment objective by primarily investing in RMB Bonds through Bond Connect. The Fund is classified as a non-diversified fund and, therefore, may invest a greater percentage of its assets in a particular issuer. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries. As of December 31, 2024, each of the financials, government and utilities sectors represented a significant portion of the Fund. Show less