Strategy. The Fund uses a passive management or indexing investment approach to track the performance, before fees and expenses, of the Index. The Index was established on May 1, 2021 by Hoya Capital Index Innovations, LLC, the Funds index provider (the Index Provider), and is a rules-based index that is designed to provide diversified exposure to 100 U.S.-listed real estate-related securities that collectively provide income through high dividend yields. Hoya Capital High Dividend Yield Index Construction of the Index begins with the universe of U.S.-listed common and preferred stock of real estate investment trusts (REITs) and real estate operating companies, subject to certain investibility and liquidity requirements, including a minimum market capitalization of $100 million and an average daily value traded … Show more… The Fund uses a passive management or indexing investment approach to track the performance, before fees and expenses, of the Index. The Index was established on May 1, 2021 by Hoya Capital Index Innovations, LLC, the Funds index provider (the Index Provider), and is a rules-based index that is designed to provide diversified exposure to 100 U.S.-listed real estate-related securities that collectively provide income through high dividend yields. Hoya Capital High Dividend Yield Index Construction of the Index begins with the universe of U.S.-listed common and preferred stock of real estate investment trusts (REITs) and real estate operating companies, subject to certain investibility and liquidity requirements, including a minimum market capitalization of $100 million and an average daily value traded greater than or equal to $100,000 over the prior 30 days. The Index rules divide REITs in the Index universe into three equal-sized tiers based on market capitalization: Large-Cap REITs, Mid-Cap REITs, and Small-Cap REITs (each, a Market Cap Tier). The Index rules then assign each company one of the following classifications based on the percentage of the companys revenues derived from that particular real estate-related business segment (each, a Property Sector): Property Sectors Healthcare Senior Housing Storage Home Financing Industrial Net Lease Lodging Commercial Financing Infrastructure Retail Office Residential Land/ Agriculture Specialty/Other The Index then identifies the group of ten Dividend Champions by starting with the two largest companies by market capitalization in each Property Sector and selecting the one in each Property Sector with the highest dividend yield based on the companys most recent ordinary dividend. From this group of 14 companies (one from each Property Sector), the two companies with the lowest dividend yield and the two companies with the highest debt ratio are set aside, leaving ten Dividend Champions that will be included in the Index. After the Dividend Champions are selected, the Index sorts the common stock of the companies other than the Dividend Champions based on dividend yield and selects the highest yielding companies from each Market Cap Tier in the weight and quantity shown in the table below. The selections are subject to a maximum of six companies per Property Sector in each Market Cap Tier. Also included in the Index are U.S.-listed preferred securities issued by REITs and real estate operating companies (Preferreds). The Index rules consider the 50 most actively-traded Preferreds, and the 30 Preferreds (of the 50) with the highest dividend yield are included in the Index. The weight and quantity of companies allocated to each Index category, as of each Index reconstitution date, are as follows: Hoya Capital High Dividend Yield Index Index Weight Number of Constituents Weight per Constituent Dividend Champions 15% 10 1.50% Large-Cap REITs 15% 10 1.50% Mid-Cap REITs 30% 25 1.20% Small-Cap REITs 30% 25 1.20% Preferreds 10% 30 0.33% Hoya Capital High Dividend Yield Index 100% 100 The Index consists of a total of 100 companies and is reconstituted and rebalanced semi-annually in June and December. The Index is expected to be primarily composed of companies that qualify as REITs under the Internal Revenue Code of 1986, as amended (the Code) , but the Index may also include real estate operating companies that do not qualify as REITs. The Funds Investment Strategy Under normal circumstances, at least 80% of the Funds net assets, plus borrowings for investment purposes, will be invested in dividend-paying securities, which includes equity securities that have paid a dividend in the prior 12 calendar months. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index in approximately the same proportion as in the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Funds sub-adviser believes it is in the best interests of the Fund ( e.g. , when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund generally may invest in securities or other investments not included in the Index, but which the Funds sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). 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. The Index, and consequently the Fund, is expected to generally be concentrated in real estate-related industries. Show less