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, SPADE Indexes LLC (SPADE Indexes or the Index Provider) compiles, maintains, and calculates the Underlying Index, which is composed of common stocks of companies that are systematically important to the defense sector and are involved with the development, manufacture, operation and support of U.S. defense, military, national/homeland security, and government space operations. These may include, for example, companies that provide the following products or services: military aircraft, naval vessels, armored vehicles, helicopters, drones and remotely piloted vehicles, missiles and missile defense, command and control, secure communications, battlespace awareness, intelligence and reconnaissance, and … 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, SPADE Indexes LLC (SPADE Indexes or the Index Provider) compiles, maintains, and calculates the Underlying Index, which is composed of common stocks of companies that are systematically important to the defense sector and are involved with the development, manufacture, operation and support of U.S. defense, military, national/homeland security, and government space operations. These may include, for example, companies that provide the following products or services: military aircraft, naval vessels, armored vehicles, helicopters, drones and remotely piloted vehicles, missiles and missile defense, command and control, secure communications, battlespace awareness, intelligence and reconnaissance, and space systems, national/homeland security activities including border security, biometric screening systems, and military cybersecurity and artificial intelligence efforts. The Index Provider identifies for inclusion in the Underlying Index common stocks of U.S. companies whose shares are listed on the New York Stock Exchange (NYSE) or The Nasdaq Stock Market (Nasdaq) and weights them according to a modified market capitalization-weighted methodology. As of June 30, 2025, the Underlying Index was comprised of 56 constituents with market capitalizations ranging from approximately $651.4 million to $308.5 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 is non-diversified and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the 1940 Act). 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 April 30, 2025, the Fund had significant exposure to the aerospace and defense industry. The Funds portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less