Strategy. The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The Index is designed to deliver exposure to equity securities of U.S. and Canadian listed companies, including companies structured as master limited partnerships (MLPs), operating in the pipelines and power universe. The universe of pipelines and power companies will include those that are classified by a third party as operating within the Midstream Energy, Liquefied Petroleum Gas (LPG), Propane and Other Distributors, or Oil and Gas … Show more… The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The Index is designed to deliver exposure to equity securities of U.S. and Canadian listed companies, including companies structured as master limited partnerships (MLPs), operating in the pipelines and power universe. The universe of pipelines and power companies will include those that are classified by a third party as operating within the Midstream Energy, Liquefied Petroleum Gas (LPG), Propane and Other Distributors, or Oil and Gas Transportation and Infrastructure subsector or industry groups or derive a specified percentage of revenue from certain Alternative Wholesale Power sub-industries (subject to certain exclusions). Investments in MLP securities taxed as partnerships will not exceed 25% of the Funds total assets as measured at the time of investment. Given the Funds investment objective of attempting to track its Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Index is owned and calculated by Solactive AG (Solactive or the Index Provider). Solactive constructs the Index in accordance with a rules-based methodology that involves three steps. Step 1: The starting universe (Universe) is made up of listed equity securities primarily listed on an exchange in the United States or Canada issued by pipelines and power companies. Under the Index methodology, pipelines and power companies are those assigned by FactSet RBICS to the Midstream Energy, LPG, Propane & Other Distributors, or Oil and Gas Transportation and Infrastructure subsectors or industry groups or deriving a cumulative revenue above 50% from certain Alternative Wholesale Power RBICS sub-industries, in each case subject to certain additional screens and filters. Step 2: The Index Provider removes constituents with average daily market capitalizations and trading values below specific thresholds from the Universe. As of December 1, 2024, the Index includes issuers with public stock market capitalizations of at least $636 million. Step 3: The remaining securities are weighted by float-adjusted market capitalization in the Index. The securities are then measured by two fundamental factors, Growth and Quality. The Index determines Growth and Quality rankings using various sub-factors designed to measure a securitys performance based on these factors (for example, earnings per share growth for Growth and return on investment capital for Quality). The Index Provider ranks each security based on the two fundamental factors, and the index is then reweighted in proportion to scoring on these fundamental factors with higher scores having higher weights in the index. The weights of the constituents are adjusted at each rebalance to ensure compliance by the Fund with the diversification requirements of the Internal Revenue Code of 1986, as applicable to regulated investment companies (RICs). The Index is rebalanced on a quarterly basis. The components of the Index may change over time. The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. The Fund may purchase a sample of securities in its Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Funds Index, purchase securities not in the Funds Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques. The Fund may concentrate its investments ( i.e. , hold more than 25% of its total assets) in a particular industry or group of industries to the extent that its Index is concentrated. As of the date of this Prospectus, the Index is concentrated in the energy sector. The degree to which components of the Index represent certain sectors or industries may change over time. The Fund is structured as a RIC under the Code. THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE INVESTMENT COMPANY ACT), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED FUNDS. Show less