Strategy. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc.(Nasdaq or the Index Provider) compiles, maintains and calculates the Underlying Index, which is comprised of securities of the next generation of Nasdaq-listed non-financial companies; that is, the largest 100 Nasdaq-listed companies outside of the Nasdaq-100 Index (the Nasdaq-100) based on market capitalization. To be eligible for inclusion in the Underlying Index, a security must meet the existing eligibility criteria of the Nasdaq-100, an index that measures the performance of 100 of the largest domestic and international non-financial companies by market capitalization on The Nasdaq Stock Market LLC. Securities meeting … Show more… The Fund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc.(Nasdaq or the Index Provider) compiles, maintains and calculates the Underlying Index, which is comprised of securities of the next generation of Nasdaq-listed non-financial companies; that is, the largest 100 Nasdaq-listed companies outside of the Nasdaq-100 Index (the Nasdaq-100) based on market capitalization. To be eligible for inclusion in the Underlying Index, a security must meet the existing eligibility criteria of the Nasdaq-100, an index that measures the performance of 100 of the largest domestic and international non-financial companies by market capitalization on The Nasdaq Stock Market LLC. Securities meeting the Nasdaq-100 eligibility criteria are ranked by market capitalization, with approximately the largest 100 securities not currently in the Nasdaq-100 selected for inclusion in the Underlying Index. Security types generally eligible for inclusion in the Underlying Index are common stocks and tracking stocks, as well as American Depositary Receipts (ADRs) that represent securities of non-U.S. issuers. The Underlying Index may include companies from all major sectors, except for companies that are classified as financials according to the Industry Classification Benchmark (ICB). The Underlying Index may include Nasdaq-listed securities of both U.S. and foreign companies, including foreign companies located in emerging market countries. Securities of companies organized as real estate investment trusts (REITs), securities of Special Purpose Acquisition Companies (SPACs), and when-issued securities are not eligible for inclusion in the Underlying Index. The Underlying Index weights its component securities using a modified market capitalization-weighted methodology, which is a hybrid between equal weighting and conventional capitalization weighting. Under this methodology, no issuer may exceed 4% of the weight of the Underlying Index. As of October 31, 2025, the Underlying Index was comprised of 109 constituents with market capitalizations ranging from $133.5 million to $124.2 billion. 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 August 31, 2025. Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net 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 August 31, 2025, the Fund had significant exposure to the information technology sector. The Fund's portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less