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, S&P Dow Jones Indices, LLC (the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the materials sector, as defined by the Global Industry Classification Standard (GICS ). These companies are principally engaged in the business of producing raw materials, including producing and manufacturing chemical products; manufacturing construction materials, containers, and packaging; mining metals and the production of related products; and manufacturing paper and forest products. The Underlying Index selects constituents from the S&P SmallCap 600 Index, … 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, S&P Dow Jones Indices, LLC (the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the materials sector, as defined by the Global Industry Classification Standard (GICS ). These companies are principally engaged in the business of producing raw materials, including producing and manufacturing chemical products; manufacturing construction materials, containers, and packaging; mining metals and the production of related products; and manufacturing paper and forest products. The Underlying Index selects constituents from the S&P SmallCap 600 Index, which is comprised of common stocks of approximately 600 small-capitalization companies that generally represent the small-cap segment of the U.S. equity market. As of October 31, 2025, the Underlying Index was comprised of 27 securities with market capitalizations ranging from $499 million to $8.6 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 August 31, 2025, the Fund had significant exposure to the materials sector. The Funds portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less