Strategy. The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. STOXX Ltd. (STOXX or the Index Provider) compiles, maintains and calculates the Underlying Index, which is comprised of securities of companies with significant exposure to technologies or products that contribute to future software development through direct revenue. The Underlying Index includes companies that focus on next generation software themes, including in the areas of artificial intelligence (AI) and robotics, among others. To be eligible for inclusion in the Underlying Index, a security must be included in the STOXX World AC All Cap Index, which is a broad, market cap weighted index designed to represent the performance of large-, mid- and small-capitalization … Show more… The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. STOXX Ltd. (STOXX or the Index Provider) compiles, maintains and calculates the Underlying Index, which is comprised of securities of companies with significant exposure to technologies or products that contribute to future software development through direct revenue. The Underlying Index includes companies that focus on next generation software themes, including in the areas of artificial intelligence (AI) and robotics, among others. To be eligible for inclusion in the Underlying Index, a security must be included in the STOXX World AC All Cap Index, which is a broad, market cap weighted index designed to represent the performance of large-, mid- and small-capitalization companies from developed and emerging markets. A security must also have a free-float market capitalization greater than or equal to 500 million and a three-month median daily trading volume greater than or equal to 1 million. Eligible securities must also derive at least 50% of their revenue from one or more FactSet Revere Business Industry Classification System (RBICS) subsectors associated with future software development, as identified by the Index Provider. Securities that meet all of these criteria are then ranked by free-float market capitalization, and if there are more than 100 securities, the top 100 are selected for inclusion in the Underlying Index. The Underlying Index may include securities of U.S. and non-U.S. companies, including foreign and emerging markets companies. Securities in the Underlying Index are weighted proportionally to their free-float market capitalization multiplied by their aggregate revenue exposure to the applicable FactSet RBICs subsectors (i.e., the percentage of revenue derived from the applicable subsectors). Individual constituent weights are capped such that (i) the aggregate weight of all constituents with weights greater than 4.5% of the Underlying Index may not exceed 45% of the Underlying Index, and (ii) no single constituent weight may exceed 8% of the Underlying Index. Any excess weight is redistributed to the other constituents of the Underlying Index. The Underlying Index may include securities of companies of any market capitalization, including small- and mid-capitalization companies. As of June 30, 2025, the Underlying Index was comprised of 100 constituents with market capitalizations ranging from $1.9 billion to $3.9 trillion. 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. The Fund is non-diversified and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the 1940 Act). Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total 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 semiconductors and software industries. The Funds portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less