Strategy. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index or investments with economic characteristics similar to the securities included in the Index ( i.e ., derivative instruments, including swap agreements or futures contracts). The Index measures the performance of the securities of 50 U.S. companies that pursue innovative technologies that have the potential to disrupt existing technologies and/or industries ( i.e ., moonshot innovators). S&P Dow Jones Indices LLC (the Index Provider) begins by identifying all companies that are included in at least one S&P Kensho New Economy index or in the Wireless Telecommunication or Internet Services & Infrastructure Global Industry Classification Standard … Show more… The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index or investments with economic characteristics similar to the securities included in the Index ( i.e ., derivative instruments, including swap agreements or futures contracts). The Index measures the performance of the securities of 50 U.S. companies that pursue innovative technologies that have the potential to disrupt existing technologies and/or industries ( i.e ., moonshot innovators). S&P Dow Jones Indices LLC (the Index Provider) begins by identifying all companies that are included in at least one S&P Kensho New Economy index or in the Wireless Telecommunication or Internet Services & Infrastructure Global Industry Classification Standard (GICS) sub-industries and have minimum float adjusted market capitalization of $100 million, three month average daily trading volume of $1 million and reported positive research & development and revenue figures in the latest company-issued reports or filings. The Index Provider then selects the 50 companies that it determines have the highest early-stage composite innovation scores. The Index Provider determines the early stage composite innovation score based on a companys innovation sentiment score and an allocation to innovation score. A companys innovation sentiment score is based off a natural language processing review of the companys latest annual regulatory filing for the use of words and phrases that are related to innovation. Natural language processing uses metrics other than financial ratios to determine the innovation sentiment score. The Index includes companies that utilize a greater than average variety of innovation terms. Examples of these terms include cutting-edge, experimental, and trailblazing. A companys allocation to innovation score is a ranking based on the ratio of its research and development expenses to revenue as compared to other companies in the same GICS industry group. The Index is modified equal-weighted, reconstituted annually, and rebalanced semi-annually. As of December 29, 2023, the Index was comprised of 50 constituents, which had a median total market capitalization of $981.8 million, total market capitalizations ranging from $132 million to $33.4 billion and were concentrated in the information technology and healthcare sectors. The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries ( i.e. , hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. The Fund uses a passive or indexing approach to attempt to achieve its investment objective. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the securities in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the securities included in the Index, its weighting of investment exposure to such securities or industries may be different from that of the Index and it may hold securities that are not included in the Index. The Fund will rebalance its portfolio when the Index rebalances. The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of the collateral received). The Fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Funds investment objective is not a fundamental policy and may be changed by the Funds Board of Trustees without shareholder approval. Show less