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 securities of companies located in countries that are classified as emerging markets within the country classification definition of the Index Provider. The Underlying Index is designed to track the performance of approximately 350 commons stocks of the largest emerging markets companies from the constituents of the RAFI Global Equity Investable Universe (GEIU), which is … 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 securities of companies located in countries that are classified as emerging markets within the country classification definition of the Index Provider. The Underlying Index is designed to track the performance of approximately 350 commons stocks of the largest emerging markets 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, and dividend plus buybacks. As of December 31, 2025, the Underlying Index was comprised of 354 constituents representing 15 countries and with market capitalizations ranging from $80.5 million to $1.5 trillion. As of December 31, 2025, the following countries were classified as emerging markets by the Index Provider: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Kuwait, Malaysia, Mexico, Peru, Philippines, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The Fund employs a full replication methodology in seeking to track the Underlying Index, meaning that it generally invests in all of the securities comprising the Underlying Index in proportion to the weightings of the securities in the Underlying Index. However, at times the composition of the Underlying Index may make such full replication impracticable. In such circumstances, the Fund will utilize 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. As of December 31, 2025, the Underlying Index had significant exposure to the financials sector. The Funds portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less