Strategy. The Fund generally will invest at least 90% of its total assets in the 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) selects securities pursuant to its proprietary selection methodology for inclusion in the Underlying Index, which is designed to identify securities that demonstrate powerful relative strength 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 or a securitys relative strength value, which is derived by comparing the rate of increase of the securitys price over a set period as compared to … Show more… The Fund generally will invest at least 90% of its total assets in the 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) selects securities pursuant to its proprietary selection methodology for inclusion in the Underlying Index, which is designed to identify securities that demonstrate powerful relative strength 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 or a securitys relative strength value, which is derived by comparing the rate of increase of the securitys price over a set period as compared to that of a benchmark index. The Underlying Index is comprised of equity securities of large capitalization companies based in countries classified as developed markets, excluding the United States. Dorsey Wright selects securities for inclusion in the Underlying Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Developed Markets Ex United States TM Index (except for U.S.-listed American depositary receipts (ADRs) or foreign listings). The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Underlying Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. As of December 31, 2025, the Underlying Index was comprised of 100 securities with market capitalizations ranging from $4.4 billion to $329.4 billion. 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 October 31, 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. As of October 31, 2025, the Fund had significant exposure to the industrials and financials sectors. The Fund's portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less