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 Fund will normally invest at least 80% of its total assets in companies that are involved in the gold mining industry (the 80% policy). To be initially eligible for the Junior Gold Miners Index, companies must generate at least 50% of their revenues from gold and/or silver mining/royalties/streaming or have mining projects with the potential to generate at least 50% of their revenues from gold and/or silver when developed. Effective on or about June 20, 2025, to be initially eligible … 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 Fund will normally invest at least 80% of its total assets in companies that are involved in the gold mining industry (the 80% policy). To be initially eligible for the Junior Gold Miners Index, companies must generate at least 50% of their revenues from gold and/or silver mining/royalties/streaming or have mining projects with the potential to generate at least 50% of their revenues from gold and/or silver when developed. Effective on or about June 20, 2025, to be initially eligible for the Junior Gold Miners Index, companies must generate at least 50% of their revenues from gold and/or silver mining/royalties/streaming or have at least 50% of their mineral resources related to gold and/or silver. Pursuant to the Index methodology, junior mining companies are those ranking between the bottom 60% (55% for existing components) and 98% (99% for existing components) in market capitalization of the eligible universe of companies. Such companies may include small- and medium-capitalization companies and foreign issuers. As of December 31, 2024, the Junior Gold Miners Index included 79 securities of companies with a market capitalization range of between approximately $129 million and $7.75 billion and a weighted average market capitalization of $3.42 billion. These amounts are subject to change. The Funds 80% 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 Junior Gold Miners Index by investing in a portfolio of securities that generally replicates the Junior Gold Miners Index. Unlike many investment companies that try to beat the performance of a benchmark index, the Fund does not try to beat the Junior Gold Miners Index and does not seek temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Junior Gold Miners Index. As of December 31, 2024, approximately 91.45% of the Junior Gold Miners Index was comprised of securities of gold mining companies. The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended (the Investment Company Act of 1940), 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 Junior Gold Miners Index concentrates in an industry or group of industries. As of December 31, 2024, each of the gold mining and silver mining industries represented a significant portion of the Fund. Show less