Strategy. The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index The Index uses an objective, rules-based methodology to provide exposure to 50 stocks within the S&P 500 Index (the S&P 500) that exhibit high research and development (R&D) Intensity while maintaining higher than median free cash flow (FCF) margin and FCF return on invested capital (ROIC). S&P Dow Jones Indices LLC (the Index Provider) compiles, maintains and calculates the Index. The Indexs initial universe is derived from the component companies of the S&P 500. The S&P 500 is comprised of common stocks of approximately 500 large-capitalization companies that generally represent the large-cap segment of … Show more… The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index The Index uses an objective, rules-based methodology to provide exposure to 50 stocks within the S&P 500 Index (the S&P 500) that exhibit high research and development (R&D) Intensity while maintaining higher than median free cash flow (FCF) margin and FCF return on invested capital (ROIC). S&P Dow Jones Indices LLC (the Index Provider) compiles, maintains and calculates the Index. The Indexs initial universe is derived from the component companies of the S&P 500. The S&P 500 is comprised of common stocks of approximately 500 large-capitalization companies that generally represent the large-cap segment of the U.S. equity market. Free Cash Flow (FCF): net cash flow from operating activities minus capital expenditures FCF Margin: FCF / revenue FCF ROIC: FCF / (total debt plus total equity) R&D Intensity: R&D expense / sales The Indexs initial universe of companies is screened based on a companys FCF margin and FCF ROIC. To be considered for inclusion in the Index, a company must be in the top 50% of securities by FCF Score, which is calculated using the five-year average of companys FCF Margin and the five-year average of the companys FCF ROIC. Companies classified as being in the real estate sector and companies classified as being in certain industries within the financials sector (banks, asset management & custody banks, investment banking & brokerage, specialized finance, insurance) are excluded from the Index universe. The remaining companies are then ranked by their R&D Intensity Score, which is calculated using the five-year average of R&D expense divided by sales (i.e., R&D Intensity). The 50 companies with the highest R&D Intensity Scores are included in the Index. The constituents are weighted in descending order by their R&D Intensity Score, with the maximum weight of each constituent capped at 4.5%. Weight above the individual security cap are typically redistributed among the other Index constituents in proportion to their weights. As of October 31, 2025, the companies included in the Index had a market capitalization range of $11.5 billion and $4.9 trillion. As of October 31, 2025, the Index had significant exposure to the information technology and health care sectors. The Index is typically reconstituted and rebalanced semi-annually as of the close of business on the third Friday of April and October based on data as of the last business days of March and September, respectively. The Index is also reviewed semi-annually in January and July based on each constituents weight; recapping is performed if the aggregate weight of constituents with an individual weight greater than 4.8% exceeds 24% of the Indexs total weight. If that threshold is breached, the current constituent weights are recapped, with the weights of individual constituents capped at 10% and the aggregate weight of constituents with an individual weight greater than 4.5% capped at 22.5% of the Indexs total weight. The Funds Investment Strategy Under normal circumstances, at least 80% of the Funds net assets (plus any borrowings for investment purposes) will be invested in equity securities that are the component securities of the Index. The Fund defines equity securities to mean common stocks, and may include preferred stocks, rights, warrants, and depositary receipts. The Adviser expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a replication strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index in the same approximate proportion as in the Index. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single company than diversified funds. To the extent the Index concentrates ( i.e. , holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of October 31, 2025, the Index was not concentrated in any industry or group of industries. Show less