Strategy. The Fund seeks to track the investment results of the NYSE FactSet Global Virtual Work and Life Index (the Underlying Index ), which measures the performance of equity securities across multiple sectors, including Information Technology, Communication Services, Consumer Discretionary, Health Care, and Consumer Staples. The Underlying Index is composed of equity securities issued by companies that provide products, services, or technologies that support remote work ( Tele-Work ) or remote lifestyle ( Tele-Life ), as determined by ICE Data Indices, LLC (the Index Provider or IDI ). The Underlying Index is composed of equity securities of companies that are the most involved in, or exposed to, (as determined by the Index Provider) the themes of Tele-Work or Tele-Life and are … Show more… The Fund seeks to track the investment results of the NYSE FactSet Global Virtual Work and Life Index (the Underlying Index ), which measures the performance of equity securities across multiple sectors, including Information Technology, Communication Services, Consumer Discretionary, Health Care, and Consumer Staples. The Underlying Index is composed of equity securities issued by companies that provide products, services, or technologies that support remote work ( Tele-Work ) or remote lifestyle ( Tele-Life ), as determined by ICE Data Indices, LLC (the Index Provider or IDI ). The Underlying Index is composed of equity securities of companies that are the most involved in, or exposed to, (as determined by the Index Provider) the themes of Tele-Work or Tele-Life and are primarily listed in one of 41 developed or emerging market countries. As of July 31, 2023, there are 72 companies included in the Underlying Index. In constructing the Underlying Index, the Index Provider maps a universe of the most liquid publicly-traded companies based on their primary lines of business using the FactSet Revere Business Industry Classification System ( RBICS ). The Index Provider uses revenues as the key factor in determining a companys primary line of business, by mapping a company to the industry from which it derives 50% or more of its revenues. The Index Provider conducts fundamental research to establish a universe of RBICS Level 6 industries that participate in providing Tele-Work or Tele-Life products, services, or technologies. Where the Index Provider determines that further granularity is needed, additional filters may be applied utilizing FactSet's hierarchy industrial classification system, RBICS revenue data, or related keyword search. The Index Providers methodology does not require that at least one company from each of the industries be included in the Underlying Index. In addition, companies included in the Underlying Index may also operate business lines that generate revenue in other industries. To be included in the Underlying Index, companies must also have a float-adjusted market capitalization of $300 million or greater, but existing constituents could remain in the Underlying Index if the companys float-adjusted market capitalization is equal to or greater than $225 million. In addition, companies must have a three- month average daily trading value ( ADTV ) of $2 million or greater, but existing constituents could remain in the Underlying Index if the companys three-month ADTV is equal to or greater than $1.5 million. The Underlying Index is reconstituted annually, rebalanced semi-annually and weighted by float-adjusted market capitalization with individual constituents capped at 2% of the index. The Underlying Index includes large-, mid-, and small-capitalization companies and may change over time. As of July 31, 2023, a significant portion of the Underlying Index is represented by securities of companies in the communication services, consumer discretionary and information technology industries or sectors. The components of the Underlying Index are likely to change over time. BFA uses an indexing approach to try to achieve the Funds investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the Fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index. The Fund generally will invest at least 80% of its assets in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index ( i.e ., depositary receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received). The Underlying Index is owned, maintained and administered by the Index Provider, which is ? independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. Show less