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. To be initially eligible for the Gaming Index, companies must generate at least 50% of their revenues from gaming. Gaming includes casinos and casino hotels, sports betting (including internet gambling and racetracks) and lottery services as well as gaming services, gaming technology and gaming equipment. Such companies may include small- and medium-capitalization companies and foreign companies that are listed on a U.S. or foreign exchanges. As of December 31, 2025, the Gaming Index included 34 securities of companies with a market … 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. To be initially eligible for the Gaming Index, companies must generate at least 50% of their revenues from gaming. Gaming includes casinos and casino hotels, sports betting (including internet gambling and racetracks) and lottery services as well as gaming services, gaming technology and gaming equipment. Such companies may include small- and medium-capitalization companies and foreign companies that are listed on a U.S. or foreign exchanges. As of December 31, 2025, the Gaming Index included 34 securities of companies with a market capitalization range of between approximately $1.17 billion and $44.13 billion and a weighted average market capitalization of $17 billion. These amounts are subject to change. As of September 30, 2025, a significant portion of the Funds assets was invested in securities of Asian, Australian and European issuers. T he 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 Gaming Index by investing in a portfolio of securities that generally replicates the Gaming Index. Unlike many investment companies that try to beat the performance of a benchmark index, the Fund does not try to beat the Gaming Index and does not seek temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Gaming Index. The Fund is classified as a non-diversified fund under 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 Gaming Index concentrates in an industry or group of industries. As of September 30, 2025, the consumer discretionary and real estate sectors represented a significant portion of the Fund. Show less