Strategy. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets in dividend-paying exchange-traded equity securities, which include common stocks and preferred securities. Companies in certain economic sectors of the market have historically provided higher dividend yields than companies in other sectors and industries. As a result, given the Funds focus on dividend-paying securities, the Fund may, from time to time, have a greater exposure to these higher dividend-yield sectors and industries than the broad equity market. The Fund defines dividend-paying equities as equity securities that have paid a dividend within the trailing twelve months and/or announced a dividend to be paid in the next twelve months at the time of purchase. The Fund … Show more… Under normal market conditions, the Fund invests at least 80% of the sum of its net assets in dividend-paying exchange-traded equity securities, which include common stocks and preferred securities. Companies in certain economic sectors of the market have historically provided higher dividend yields than companies in other sectors and industries. As a result, given the Funds focus on dividend-paying securities, the Fund may, from time to time, have a greater exposure to these higher dividend-yield sectors and industries than the broad equity market. The Fund defines dividend-paying equities as equity securities that have paid a dividend within the trailing twelve months and/or announced a dividend to be paid in the next twelve months at the time of purchase. The Fund may invest in small-, mid- and large-cap companies. The Fund may invest up to 25% of its net assets in exchange-traded American Depositary Receipts ( ADRs ) and common stocks of non-U.S. issuers that are listed and trade on a foreign exchange contemporaneously with Fund shares. Non-Transparent ETF with Proxy Portfolio Structure . The Fund is a type of exchange-traded fund ( ETF ). Unlike traditional ETFs, however, which generally publish their portfolio holdings on a daily basis, the Fund discloses a portfolio transparency substitutethe Proxy Portfolio and certain related information about the relative performance of the Proxy Portfolio and the Funds actual portfolio ( Actual Portfolio ) holdings (the Proxy Portfolio Disclosures ), which are intended to help keep the market price of the Funds shares trading at or close to the underlying net asset value ( NAV ) per share of the Fund. While the Proxy Portfolio includes some of the Funds holdings, it is not the Funds Actual Portfolio, and the Fund will not disclose the daily holdings of the Actual Portfolio. Although the Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Proxy Portfolio to identify the Funds trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its shareholders. The Funds exemptive relief limits the types of securities in which the Fund can invest, which may constrain the Funds ability to implement its investment strategies. The Fund is actively managed and does not intend to track an index. Show less