Strategy. The Index measures the performance of a portfolio that has 150% long exposure to the Russell 1000 Value Index (the Long Component) and 50% short exposure to the Russell 1000 Growth Index (the Short Component). On a monthly basis, the Index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the Index value. In tracking the Index, the Fund seeks to provide a vehicle for investors looking to efficiently express a value over growth investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. The Russell 1000 Value Index measures the performance of the mid-capitalization and large-capitalization … Show more… The Index measures the performance of a portfolio that has 150% long exposure to the Russell 1000 Value Index (the Long Component) and 50% short exposure to the Russell 1000 Growth Index (the Short Component). On a monthly basis, the Index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the Index value. In tracking the Index, the Fund seeks to provide a vehicle for investors looking to efficiently express a value over growth investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. The Russell 1000 Value Index measures the performance of the mid-capitalization and large-capitalization value segment of the U.S. equity universe. It is a subset of the Russell 1000 Index and includes those companies within the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. As of December 31, 2021, the components of the Russell 1000 Value Index had an average market capitalization of $167 billion, a median market capitalization of $14.3 billion and were concentrated in the financials and healthcare sectors. The Russell 1000 Value Index is rebalanced and reconstituted annually. The Russell 1000 Growth Index measures the performance of the mid-capitalization and large-capitalization growth segment of the U.S. equity universe. It is a subset of the Russell 1000 Index and includes those companies within the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. As of December 31, 2021, the Russell 1000 Growth Index had an average market capitalization of $1 trillion, a median market capitalization of $18.8 billion and was concentrated in the technology, consumer discretionary, and industrials sectors. The Russell 1000 Growth Index is rebalanced and reconstituted annually. The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in securities that comprise the Long Component of the Index or shares of exchange-traded funds (ETFs) that track the Long Component of the Index. Additionally, the Fund will invest in derivatives, such as swap agreements or futures contracts that provide long and short exposure to Index securities and/or ETFs that track the Long or Short Component of the Index. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund intends to use derivatives to obtain up to 70% of the Funds exposure to the Long Component of the Index and to use derivatives to obtain all of the Funds exposure to the Short Component of the Index. This will result in the Fund having both long and short derivatives positions. The securities in the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries ( i.e. , hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. The Fund, at times, may also invest in, or short, the Index securities, a representative sample of the Index securities that has aggregate characteristics similar to those of the Index or a portion of the Index, or an ETF that tracks a portion of the Index or a substantially similar index. Additionally, the Fund may utilize derivatives, such as swaps or futures on the Index or on an index that is substantially similar to the Long or Short Component of the Index. The Fund is expected to hold money market funds and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements as collateral for the derivative positions. The Fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Funds investment objective is not a fundamental policy and may be changed by the Funds Board of Trustees without shareholder approval. Show less