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, FTSE Russell (the Index Provider) compiles, maintains and calculates the Underlying Index, which is comprised of securities in the Russell 1000 Index (the Russell 1000) that exhibit low beta characteristics. The Underlying Index is a subset of the Russell 1000, which is designed to measure the performance of the large-cap segment of the U.S. equity market and consists of the stocks of the largest 1,000 U.S. companies by market capitalization. The Index Provider selects constituent securities for the Underlying Index by calculating the beta score for each security in the Russell … 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, FTSE Russell (the Index Provider) compiles, maintains and calculates the Underlying Index, which is comprised of securities in the Russell 1000 Index (the Russell 1000) that exhibit low beta characteristics. The Underlying Index is a subset of the Russell 1000, which is designed to measure the performance of the large-cap segment of the U.S. equity market and consists of the stocks of the largest 1,000 U.S. companies by market capitalization. The Index Provider selects constituent securities for the Underlying Index by calculating the beta score for each security in the Russell 1000. Beta is a measure of a securitys price sensitivity (i.e., volatility); it reflects the rate of change in a securitys price that results from overall market movements. To calculate the beta score, the Index Provider analyzes the securitys monthly returns over the past 18 months to see the extent to which they correlate to overall market movements. Stocks with less than 18 months of history are not eligible for inclusion. Securities with a beta score of less than that of the overall U.S. equity market average (that is, securities whose price changes exhibit less volatility than the average amount of volatility in the market) are eligible for inclusion in the Underlying Index. The Index Provider then applies an earnings screen, which eliminates securities that have failed to generate earnings over the trailing 12 months. Constituent securities in the Underlying Index are equally weighted. The Underlying Index also may include securities of mid-cap issuers. Therefore, due to the equal weighting methodology of the Underlying Index, the Fund may have greater exposure to mid-cap issuers than would be the case if the Underlying Index used a traditional capitalization-weighted methodology. As of October 31, 2022, the Underlying Index was comprised of 529 securities with market capitalizations ranging from $619.77 million to $461.82 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. 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. Show less