Strategy. The Fund generally will invest at least 80% of its total assets in the components of the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the Index Provider) compiles and calculates the Underlying Index, which is designed to track the performance of U.S. dollar denominated tax-exempt variable rate demand obligations (VRDOs) that are publicly issued by U.S. states and territories, and their political subdivisions, and that have interest rates that reset daily, weekly or monthly. Securities eligible for the Underlying Index must have at least one day remaining term to final maturity, at least $10 million amount outstanding, and an investment grade rating (based on an average of ratings from Moodys Investors Service, … Show more… The Fund generally will invest at least 80% of its total assets in the components of the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the Index Provider) compiles and calculates the Underlying Index, which is designed to track the performance of U.S. dollar denominated tax-exempt variable rate demand obligations (VRDOs) that are publicly issued by U.S. states and territories, and their political subdivisions, and that have interest rates that reset daily, weekly or monthly. Securities eligible for the Underlying Index must have at least one day remaining term to final maturity, at least $10 million amount outstanding, and an investment grade rating (based on an average of ratings from Moodys Investors Service, Inc. (Moodys), S&P Global Ratings, a division of S&P Global Inc. (S&P) and Fitch Ratings, Inc. (Fitch)). Securities whose interest is subject to the U.S. alternative minimum tax (AMT) are excluded from the Underlying Index. As of October 31, 2025, the Underlying Index was comprised of 952 constituents. The Fund does not purchase all of the securities in the Underlying Index; instead, the Fund utilizes a sampling methodology to seek to achieve its investment objective. 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