Strategy. The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by MSCI Index Metrics (the Index Provider). MSCI World Ricardo Comparative Advantage Select Index The Index is a rules-based index that aims to represent the performance of the securities from a set of countries which have the highest active weight in each of the twenty-five GICS Industry Groups as measured against the MSCI World Index (the Parent Index). GICS Industry Groups comprise one of the four tiers of GICS , a hierarchical industry classification system maintained by MSCI and S&P Dow Jones Indices. Securities in … Show more… The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by MSCI Index Metrics (the Index Provider). MSCI World Ricardo Comparative Advantage Select Index The Index is a rules-based index that aims to represent the performance of the securities from a set of countries which have the highest active weight in each of the twenty-five GICS Industry Groups as measured against the MSCI World Index (the Parent Index). GICS Industry Groups comprise one of the four tiers of GICS , a hierarchical industry classification system maintained by MSCI and S&P Dow Jones Indices. Securities in the eligible universe of the constituent companies of the Parent Index are screened to identify the country with the highest active country weight in each GICS Industry Group. Securities with a three-month average daily traded value greater than or equal to $5 million are eligible for inclusion in the Index. The securities that meet the screening criteria are grouped by country and each group is weighted by the product of their aggregated free-float adjusted market capitalization and the corresponding countrys gross domestic product. Additionally, the constituent security weights are capped at 5% to mitigate concentration risk in the Index. In case it is not feasible to cap the security weights at 5%, the capping will be relaxed to 10% in steps of 1%. The Index is reconstituted and rebalanced ( i.e. , companies are added or deleted and weights are reset based on Index rules) on a quarterly basis, coinciding with the February, May, August and November index reviews of the Parent Index. As of June 30, 2025, the Index was composed of 378 constituents. The Index was established in 2024 and is owned and maintained by the Index Provider. The Funds Investment Strategy The Fund will generally use a replication strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index. To the extent the Index concentrates ( i.e. , holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to have significant exposure to companies in the information technology sector. In addition, the Index may have significant exposure to one or more countries at any given time. As of June 30, 2025, the Index had significant exposure to companies in the United States. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or small number of issuers than diversified funds. Show less