Strategy. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets in exchange-traded common stocks of small-capitalization companies. Small-capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell 2000 Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2024, the range of the index was $17 million to $10.8 billion. In selecting stocks, the Funds sub-adviser invests in companies that it believes meet one or more of the following criteria: Attractively valued relative to other companies in the same industry … Show more… Under normal market conditions, the Fund invests at least 80% of the sum of its net assets in exchange-traded common stocks of small-capitalization companies. Small-capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell 2000 Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2024, the range of the index was $17 million to $10.8 billion. In selecting stocks, the Funds sub-adviser invests in companies that it believes meet one or more of the following criteria: Attractively valued relative to other companies in the same industry or market. Strong or improving cash flows, revenue and earnings growth, or other fundamentals. An identifiable catalyst that could increase the value of the companys stock over the next one or two years. The Funds sub-adviser will generally sell a stock if the stock hits its price target, the companys fundamentals or competitive position significantly deteriorate, or if a better alternative exists in the marketplace. The Fund may invest up to 15% of its total assets in non-dollar denominated common stocks of non-U.S. issuers listed on a foreign exchange that trade on such exchange contemporaneously with the shares of the Fund ( foreign common stocks ). In addition, the Fund may invest up to 25% of its total assets, collectively, in foreign common stocks and dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by exchange-traded American depositary receipts that are issued by a U.S. financial institution. Up to 15% of the Funds total assets may be invested in the securities of emerging market issuers. 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