Strategy. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index, as well as American depositary receipts (ADRs) and global depositary receipts (GDRs) that represent securities in the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, RAFI TM Indices, LLC (the Index Provider), compiles, maintains and calculates the Underlying Index, which is comprised of companies located in countries that are classified as developed within the country classification definition of the Index Provider, excluding the United States. The Underlying Index is designed to track the performance of approximately 1,000 common stocks of developed market companies, excluding U.S companies, from the constituents of the RAFI Global Equity Investable Universe (GEIU), … Show more… The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index, as well as American depositary receipts (ADRs) and global depositary receipts (GDRs) that represent securities in the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, RAFI TM Indices, LLC (the Index Provider), compiles, maintains and calculates the Underlying Index, which is comprised of companies located in countries that are classified as developed within the country classification definition of the Index Provider, excluding the United States. The Underlying Index is designed to track the performance of approximately 1,000 common stocks of developed market companies, excluding U.S companies, from the constituents of the RAFI Global Equity Investable Universe (GEIU), which is the starting point for all index strategies available through the Index Provider. The Underlying Index selects and weights companies based on the following four fundamental measures of company size: book value plus intangibles, adjusted cash flow, adjusted sales, dividend plus buybacks. As of December 31, 2025, the Underlying Index was comprised of 997 constituents representing 35 countries and with market capitalizations ranging from $357.9 million to $494.7 billion. As of December 31, 2025, the following countries were classified as developed markets by the Index Provider: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, the United Kingdom and the United States. 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. Show less