Strategy. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (the Index Provider) compiles, maintains, and calculates the Underlying Index, which is designed to measure the performance of approximately 1,000 equally-weighted securities. The Underlying Index is comprised of all of the securities in the Russell 1000 Index (the Russell 1000), which is designed to measure the performance of the large-cap segment of the U.S. equity market and consists of the stocks of the largest 1,000 U.S. companies by market capitalization. The Underlying Index is constructed by applying a three-step process. First, the Index Provider assigns each component security of … Show more… The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (the Index Provider) compiles, maintains, and calculates the Underlying Index, which is designed to measure the performance of approximately 1,000 equally-weighted securities. The Underlying Index is comprised of all of the securities in the Russell 1000 Index (the Russell 1000), which is designed to measure the performance of the large-cap segment of the U.S. equity market and consists of the stocks of the largest 1,000 U.S. companies by market capitalization. The Underlying Index is constructed by applying a three-step process. First, the Index Provider assigns each component security of the Russell 1000 to an industry based on the Industry Classification Benchmark (the ICB) classification system. The ICB classification system is composed of 11 economic industries: basic materials, consumer discretionary, consumer staples, energy, financials, health care, industrials, real estate, technology, telecommunications and utilities. Second, once the component securities are assigned to an industry, the Index Provider allocates an equal weight to each industry and then assigns an equal weight to each constituent security within each industry. Third, the Index Provider then applies a capacity screen to the Underlying Index to eliminate securities of companies with limited free float (i.e., companies with a limited amount of shares publicly available in the market). The Underlying Index also may include securities of mid-cap issuers. Therefore, due to the equal weighting methodology of the Underlying Index, the Fund may have greater exposure to mid-cap issuers than would be the case if the Underlying Index used a traditional capitalization-weighted methodology. As of October 31, 2025, the Underlying Index was comprised of 997 securities with market capitalizations ranging from $870.5 million to $4.9 trillion. 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. 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. Show less