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 real estate sector, as defined according to the Global Industry Classification Standard (GICS ). The real estate sector includes companies operating in real estate management, development and operation, offering real estate related services and equity real estate investment trusts (REITs). The Underlying Index is an equal-weighted index, which means that, unlike the S&P … 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 real estate sector, as defined according to the Global Industry Classification Standard (GICS ). The real estate sector includes companies operating in real estate management, development and operation, offering real estate related services and equity real estate investment trusts (REITs). 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 31 constituents with market capitalizations ranging from $8.2 billion to $103.5 billion. Although the Fund generally seeks to employ 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 at times may employ a sampling methodology, which may include, after investing at least 90% of its total assets in the components of the Underlying Index, investing a portion of its assets in other investment companies, including exchange-traded funds (ETFs). Such investment companies may be affiliated with the Fund and will seek to invest in securities of companies in the real estate sector. 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 real estate sector. The Funds portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less