Strategy. The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the MarketVector Iceland Global Index (the Index). MarketVector Iceland Global Index The Index, which is sub-index of the MarketVector Total Global Equity Index, tracks the performance of common stocks (or corresponding American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs)) of local Icelandic companies andnon-localcompanies related to the Icelandic economy. Local Icelandic companies (i) are those companies assigned to the Iceland universe of the MarketVector Total Global Equity Index, (ii) have a listing on an exchange in Iceland and derive a significant portion (50% for initial consideration and 25% for continued eligibility after inclusion) of revenues or operating … 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 MarketVector Iceland Global Index (the Index). MarketVector Iceland Global Index The Index, which is sub-index of the MarketVector Total Global Equity Index, tracks the performance of common stocks (or corresponding American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs)) of local Icelandic companies andnon-localcompanies related to the Icelandic economy. Local Icelandic companies (i) are those companies assigned to the Iceland universe of the MarketVector Total Global Equity Index, (ii) have a listing on an exchange in Iceland and derive a significant portion (50% for initial consideration and 25% for continued eligibility after inclusion) of revenues or operating assets from Iceland or a Nordic Country ( i.e. , Denmark and the Faroe Islands, Finland, Greenland, Norway and Sweden), and/or (iii)have a listing on an exchange in Iceland where the listing resulted from a merger with a component that was previously included in the Iceland Universe of the MarketVector Total Global Equity Index. A company is eligible to be assigned to the Iceland universe of the MarketVector Total Global Equity Index if, at a minimum, it is incorporated in Iceland, its headquarters is in Iceland, or it is primarily listed in Iceland. Non-local companies related to the Icelandic economy (i) are those companies assigned to the universe of Nordic Countries of the MarketVector Total Global Equity Index and (ii) derive a significant portion (50% for initial consideration and 25% for continued eligibility after inclusion) of revenues from fishing, hatcheries, aquaculture or seafood processing. At the time of each quarterly rebalance and reconstitution of the Index, Index constituents must meet investibility requirements, including: For securities not currently in the Index: ? a free-float ( i.e. , the proportion of shares that are publicly available) of at least 10%; ? a market capitalization exceeding $100 million; ? a three-month average daily trading volume of at least $100,000 as of each of the last three Index component selection dates; and ? at least 100,000 shares traded per month over the last six months as of each of the last three Index component selection dates. For securities already in the Index: ? a free-float of at least 5%; ? a market capitalization exceeding $50 million; ? a three-month average daily trading volume of at least $100,000 as of at least two of the last three Index component selection dates; and ? at least $100,000 shares traded per month over the last six months as of the current Index component selection date or one of the previous two selection dates. For recent initial public offerings, spin-offs and post-merger/acquisition special purpose acquisition companies: ? a free-float of at least 10%; ? a market capitalization exceeding $100 million; ? an average daily trading volume of at least $100,000; and ? at least 100,000 shares traded per month. The Index is reconstituted and rebalanced on a quarterly basis in March, June, September and December. As of March 4, 2025, the Index had 30 constituents. The Funds Investment Strategy The Fund will generally use a replication strategy to achieve its investment objective, meaning the Fund generally will invest in all of the component securities of the Index in approximately the same proportions as in the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Adviser believes it is in the best interests of the Fund ( e.g. , when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations such as tax diversification requirements that apply to the Fund but not to the Index). Under normal circumstances, at least 80% of the Funds net assets, plus borrowings for investment purposes, will be invested in Icelandic equity securities. For purposes of this policy, the Fund considers only the local companies in the Index to be Icelandic equity securities. 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 Fund is deemed to be non-diversified, which means that it may invest a greater percentage of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund. The Fund may lend its portfolio securities to brokers, dealers and other financial organizations. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase its income by receiving payments from the borrower. The Fund rebalances its portfolio in accordance with its Index, and, therefore, any changes to the Indexs rebalance schedule will result in corresponding changes to the Funds rebalance schedule. While the Funds exposure to sectors may change over time, as of the date of this Prospectus, the Fund had significant exposure to companies in the Consumer Staples, Financial Services, Health Care and Industrials Sectors. Show less