Strategy. The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (Dorsey Wright or the Index Provider) compiles and maintains the Underlying Index, which is composed of approximately 100 securities from the Nasdaq US Large Cap TM Index or Nasdaq US Mid Cap TM Index. Dorsey Wright selects securities for the Underlying Index pursuant to a proprietary selection methodology that is designed to identify companies that demonstrate powerful relative strength or momentum characteristics. Relative strength is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a securitys relative performance against … Show more… The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (Dorsey Wright or the Index Provider) compiles and maintains the Underlying Index, which is composed of approximately 100 securities from the Nasdaq US Large Cap TM Index or Nasdaq US Mid Cap TM Index. Dorsey Wright selects securities for the Underlying Index pursuant to a proprietary selection methodology that is designed to identify companies that demonstrate powerful relative strength or momentum characteristics. Relative strength is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a securitys relative performance against the overall market over a set period or a securitys relative strength value, which is derived by comparing the rate of increase of the securitys price as compared to that of a benchmark index. The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a momentum score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a momentum style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Underlying Index is based on intermediate and long-term price movements of the security as compared to a representative benchmark index. After giving each eligible security a momentum score, the Index Provider selects approximately 100 securities with the highest momentum scores for inclusion in the Underlying Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index. As of June 30, 2025, the Underlying Index was comprised of 100 constituents with market capitalizations ranging from $7.1 billion to $3.7 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 intends to be diversified, as defined in the Investment Company Act of 1940, as amended (the 1940 Act), to the extent that the Underlying Index is diversified. The Fund may become non-diversified as defined in the 1940 Act solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. Should the Fund become non-diversified, it will no longer be required to meet certain diversification requirements under the 1940 Act and may invest a greater portion of its assets in securities of a small group of issuers or in any one individual issuer than can a diversified fund. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status solely due to a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. In seeking to track the Underlying Index, the Fund was managed as diversified as of April 30, 2025. 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. Show less