Strategy. The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (S&P DJI or the Index Provider) compiles, maintains and calculates the Underlying Index, which is composed of securities of all companies included in the S&P 500 Index that are classified as members of the consumer discretionary sector, as defined according to the Global Industry Classification Standard (GICS ). The consumer discretionary sector includes a manufacturing segment, composed of automobile components, automobiles, household durable goods, leisure products and textiles, apparel and luxury goods, and a services segment, composed of hotels, restaurants and other leisure facilities, diversified consumer services, … Show more… The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (S&P DJI or the Index Provider) compiles, maintains and calculates the Underlying Index, which is composed of securities of all companies included in the S&P 500 Index that are classified as members of the consumer discretionary sector, as defined according to the Global Industry Classification Standard (GICS ). The consumer discretionary sector includes a manufacturing segment, composed of automobile components, automobiles, household durable goods, leisure products and textiles, apparel and luxury goods, and a services segment, composed of hotels, restaurants and other leisure facilities, diversified consumer services, distributors, broadline and specialty retail. The Underlying Index is an equal-weighted index, which means that, unlike the S&P 500 Index, which employs a float-adjusted market capitalization weighted methodology, the Underlying Index assigns each component security the same weight at each quarterly rebalance. As of June 30, 2025, the Underlying Index was comprised of 51 constituents with market capitalizations ranging from $5.9 billion to $2.3 trillion. 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. 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 April 30, 2025, the Fund had significant exposure to the consumer discretionary sector. The Fund's portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less