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, S&P Dow Jones Indices LLC (the Index Provider) compiles, maintains, and calculates the Underlying Index, which is designed to measure the performance of positive revenue-producing constituent securities of the S&P 900 Index (the Parent Index). The Parent Index is comprised of common stocks of approximately 900 mid- and large-capitalization companies, and is created by combining the S&P 500 Index and S&P MidCap 400 Index to form an investable benchmark for the large- and mid-cap segments of the U.S. equity market. From a universe of components of the Parent Index, the Underlying … 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, S&P Dow Jones Indices LLC (the Index Provider) compiles, maintains, and calculates the Underlying Index, which is designed to measure the performance of positive revenue-producing constituent securities of the S&P 900 Index (the Parent Index). The Parent Index is comprised of common stocks of approximately 900 mid- and large-capitalization companies, and is created by combining the S&P 500 Index and S&P MidCap 400 Index to form an investable benchmark for the large- and mid-cap segments of the U.S. equity market. From a universe of components of the Parent Index, the Underlying Index: (1) excludes securities that do not currently pay a dividend, and (2) excludes securities whose revenues over the last 12 months are unavailable, zero or negative. Of the remaining eligible securities, the Underlying Index excludes the top 5% of securities by the average 12-month trailing dividend yield from the previous four quarters, including the most recent quarter, and the top 5% of securities within each sector, as classified by the Global Industry Classification Standard (GICS ), by the last 12-month dividend payout ratio, which is calculated as its dividend per share divided by the basic earnings per share. The top 60 remaining securities with the highest dividend yield are included in the Underlying Index. Unlike the Parent Index, which weights component securities by float-adjusted market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Underlying Index uses a revenue-weighted methodology, whereby it weights each constituent security based on the sum of the constituents revenues for the trailing four quarters, divided by the total revenue of all Underlying Index constituents, subject to a maximum 5% per constituent weighting. Any excess weight is proportionally redistributed to all uncapped constituents. As of October 31, 2025, the Underlying Index was comprised of 60 constituents with market capitalizations ranging from $2.3 billion to $315.3 billion. The Fund employs a full replication methodology in seeking to track the Underlying Index, meaning the Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index. 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 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 energy sector. The Funds portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less