Strategy. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index, as well as American depositary receipts (ADRs) and global depositary receipts (GDRs) that represent securities in the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (MSCI or the Index Provider) compiles, maintains, and calculates the Underlying Index, which is comprised of equity securities of companies in both developed and emerging markets throughout the world that are engaged in the ownership and management of forests and timberlands and the production of finished products that use timber as a raw material. The securities in the Underlying Index are selected from a universe of securities that are included … Show more… The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index, as well as American depositary receipts (ADRs) and global depositary receipts (GDRs) that represent securities in the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (MSCI or the Index Provider) compiles, maintains, and calculates the Underlying Index, which is comprised of equity securities of companies in both developed and emerging markets throughout the world that are engaged in the ownership and management of forests and timberlands and the production of finished products that use timber as a raw material. The securities in the Underlying Index are selected from a universe of securities that are included in the MSCI ACWI Investable Market Index (the Parent Index) and classified by the Global Industry Classification Standard (GICS ) to be in the sub-industries of forest products, paper products, paper and plastic packaging products and materials or specialized real estate investment trusts (REITs) classified as timber REITs. The constituents of the Underlying Index are weighted based on their free float-adjusted market capitalization. As of December 31, 2025, the Underlying Index was comprised of 54 securities of companies with market capitalizations ranging from $342.2 million to $20.8 billion and located in the following countries: Brazil, Canada, Chile, China, Finland, India, Indonesia, Japan, Norway, Portugal, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, the United Kingdom, and the United States. The Fund employs a full replication methodology in seeking to track the Underlying Index, meaning that the Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index. The Fund is non-diversified and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the 1940 Act). Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of October 31, 2025, the Fund had significant exposure to the materials sector and the global timber industry. The Funds portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less