Strategy. The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of approximately 60 growth stocks in the S&P MidCap 400 Index (the Parent Index) with relatively high quality and value composite scores, which are computed as described below. The Parent Index is a broad-based index of approximately 400 securities that measures the performance of the mid-cap segment of the U.S. equity market. The Fund defines mid-capitalization companies as companies whose securities are included in the Parent Index. In selecting constituent … Show more… The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of approximately 60 growth stocks in the S&P MidCap 400 Index (the Parent Index) with relatively high quality and value composite scores, which are computed as described below. The Parent Index is a broad-based index of approximately 400 securities that measures the performance of the mid-cap segment of the U.S. equity market. The Fund defines mid-capitalization companies as companies whose securities are included in the Parent Index. In selecting constituent securities for the Underlying Index, the Index Provider first identifies stocks that exhibit growth characteristics by calculating the growth score for each stock in the Parent Index. A stocks growth score is the average of its: (i) three-year earnings per share (EPS) growth, calculated as a companys three-year EPS compound annual growth rate and (ii) three-year sales per share (SPS) growth, calculated as a companys three-year SPS compound annual growth rate. Stocks are ranked by growth score and the 120 stocks with the highest growth scores remain eligible for inclusion in the Underlying Index. The Index Provider then calculates a quality/value (QV) composite score for each of these 120 stocks. A stocks QV composite score is the average of its: (i) financial leverage ratio, calculated as a companys latest total debt divided by its book value; (ii) return on equity, calculated as a companys trailing 12-month EPS divided by its latest book value per share; and (iii) earnings-to-price ratio, calculated as a companys trailing 12-month EPS divided by its price. In accordance with the Underlying Index methodology, the Index Provider ranks these 120 stocks by QV composite score. The top 60 stocks resulting from this ranking comprise the Underlying Index. The constituents of the Underlying Index are weighted based on their respective growth scores, such that stocks with relatively higher growth scores will have a greater weighting in the Underlying Index. No security will have a weight that is less than 0.05% or more than 5% of the Underlying Index. Additionally, each sector, as defined according to the Global Industry Classification Standard (GICS ), will be subject to a maximum weight of 40%. As of June 30, 2025, the Underlying Index was comprised of 60 constituents with market capitalizations ranging from $2.5 billion to $23.9 billion. The Fund employs a full replication methodology in seeking to track the Underlying Index, meaning that the Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index. Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2025, the Fund had significant exposure to the consumer discretionary sector. The Fund's portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less