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, maintains and calculates the Underlying Index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by California or any U.S. territory and their political subdivisions, in the U.S. domestic market. Such securities are exempt from the federal alternative minimum tax (AMT). To be eligible for inclusion in the Underlying Index, such securities must have a term of at least 15 years remaining to final maturity, a fixed coupon schedule, a minimum amount outstanding of $25 million per maturity and must be considered … 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, maintains and calculates the Underlying Index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by California or any U.S. territory and their political subdivisions, in the U.S. domestic market. Such securities are exempt from the federal alternative minimum tax (AMT). To be eligible for inclusion in the Underlying Index, such securities must have a term of at least 15 years remaining to final maturity, a fixed coupon schedule, a minimum amount outstanding of $25 million per maturity and must be considered investment grade based on an average of ratings by S&P Global Ratings, a division of S&P Global Inc. (S&P), Moodys Investors Service, Inc. (Moodys) and Fitch Ratings Inc. (Fitch). As of October 31, 2025, the Underlying Index was comprised of 1,259 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. 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. Show less