Strategy. The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned, developed, maintained and sponsored by IPOX Schuster LLC (the Index Provider ). It is the sole responsibility of the Index Provider to decide on all matters relating to the Index methodology and Index constituent selection. The Index Provider may make exceptions to the Index methodology regarding constituent inclusion, exclusion and weighting. The Index seeks to measure the performance of Europe-domiciled companies, ranked in the IPOX Global Composite Index (the "Base Index" ), subject to liquidity … Show more… The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned, developed, maintained and sponsored by IPOX Schuster LLC (the Index Provider ). It is the sole responsibility of the Index Provider to decide on all matters relating to the Index methodology and Index constituent selection. The Index Provider may make exceptions to the Index methodology regarding constituent inclusion, exclusion and weighting. The Index seeks to measure the performance of Europe-domiciled companies, ranked in the IPOX Global Composite Index (the "Base Index" ), subject to liquidity and exposure criteria. The Base Index is a market capitalization-weighted index which seeks to provide exposure to the aftermarket performance of newly listed companies that have gone public through an initial public offering ( "IPO" ), spin-off or special purpose acquisition company ( "SPAC" ) in all world countries (both developed and emerging markets). An IPO is a public offering in which the shares of stock in a company are sold to the general public for the first time on an exchange. A SPAC is a publicly listed acquisition vehicle, whereby one or more sponsors raise a pool of capital with the special purpose of acquiring a private operating company. A company must meet the security type, size, float and pricing criteria of the Base Index. A company is eligible for inclusion in the Base Index on the close of the 6th trading day and is eligible to remain in the Index until the close of the 1,000th trading day. According to the Index Provider, the Index selects the 100 companies with the largest market capitalizations from the Base Index that are issued by companies domiciled in Europe, subject to liquidity and exposure criteria. While the Index is market-capitalization weighted, individual securities are capped at a weight of 10% and the top seven companies cannot account for more than 50% of the Index. The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Indexs quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. As of December 31, 2025, the Fund had significant investments in heath care companies, Swiss issuers and European issuers, although this may change from time to time. The Fund's investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of December 31, 2025. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. The Fund may also invest in securities issued by small, mid and large capitalization companies, restricted securities, depositary receipts, U.S. dollar denominated and non-U.S. dollar denominated securities. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the 1940 Act ). In certain circumstances, such as pending corporate actions, economically significant IPOs, or spin-offs, mergers or acquisitions involving Index constituents, the Index Provider may make exceptions to the initial screening rebalancing and exit process described above. In addition, subject to the terms of the license agreement that permits the Fund to use the Index, the Index Provider may have the ability to change the Index methodology, terminate the license agreement or cease compiling, calculating and publishing the Index, in each case without the consent of the Fund, the Advisor or the Funds shareholders. Show less