Strategy. Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes, exclusive of collateral held from securities lending) in components of the Underlying Index. The Underlying Index is comprised of securities screened to support LGBTQ or ESG positions. The Fund also may invest up to 20% of its assets in instruments other than the components of the Underlying Index, including shares of other investment companies, cash and cash equivalents, as well as in securities not included in the Underlying Index, but which the Funds Portfolio Managers believe will help the Fund track the Underlying Index. The Fund uses a passive management strategy designed to track the … Show more… Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes, exclusive of collateral held from securities lending) in components of the Underlying Index. The Underlying Index is comprised of securities screened to support LGBTQ or ESG positions. The Fund also may invest up to 20% of its assets in instruments other than the components of the Underlying Index, including shares of other investment companies, cash and cash equivalents, as well as in securities not included in the Underlying Index, but which the Funds Portfolio Managers believe will help the Fund track the Underlying Index. The Fund uses a passive management strategy designed to track the performance of the Underlying Index. The Fund intends to replicate the Underlying Index, meaning it intends to invest in substantially all of the Underlying Index components in approximately the same proportions as the Underlying Index. The Fund reserves the right to use a representative sampling strategy to track the performance of the Underlying Index, which involves investing in a representative sample of securities that collectively have an investment profile similar to that of the Underlying Index. The correlation between the Funds performance, before fees and expenses, and that of the Underlying Index is expected to be 95% or better over time. A figure of 100% would indicate perfect correlation. As further discussed below, the Underlying Index represents the top 100 U.S. companies that: nurture and promote equality in the workplace for employees of all gender and sexual orientation; have a history of consistently strong financial performance; and either (1) have a strong track record of loyalty and brand awareness among the US-based LGBTQ community or (2) observe high standards on environmental, social and governance issues. The Underlying Index represents the top 100 U.S. companies that nurture and promote equality in the workplace for employees of all gender and sexual orientation, have a strong track record of loyalty and brand awareness among the US-based LGBTQ community, and have a history of consistently strong financial performance. The Underlying Index attempts to capture market outperformance of these companies as compared to their competition. Loyalty Preference Index Inc. (the Index Provider) constructs the Underlying Index by starting with an investable universe (the Index Universe) first drawn from those Fortune 1000 companies earning a 100% rating according to an annual self-reported survey conducted by a national LGBT advocacy organization. The self-reporting survey seeks to score companies based on three pillars: (1) non-discrimination policies across business entities; (2) equitable benefits for LGBTQ workers and their families; and (3) supporting an inclusive culture and corporate social responsibility. These companies are then screened so that only those that also are among the top 500 publicly-listed U.S. corporations by market capitalization are included in the Index Universe. The Index Provider, in constructing the Underlying Index, first screens the Index Universe to exclude companies based on their FactSet Revere Business Industry Classification System (RBICS) industry involvement in Guns, Tobacco, Pornography, or Weapons of Mass Destruction or that generates over two-thirds of its revenue from the RBICS Gaming industry. The remaining companies are then screened for superior fundamentals, low price volatility and high market liquidity (the Fundamentals and Liquidity Screening) as follows: six months minimum age of listing; average monthly turnover of traded shares for prior 12 months of at least $1.5 billion; liquidity of at least 0.2% for nine of the last 12 months as measured by median daily trading volume divided by free float adjusted issued shares (i.e., shares readily available to the market and not held by company insiders); and 12-month average month end free-float market value at least $7.5 billion. The companies remaining after the Fundamentals and Liquidity Screening are then further screened for Underlying Index eligibility based on satisfactory scoring for either environmental, social and governance issues (the ESG Group) or LGBTQ brand loyalty and support (the LGBTQ Brand Loyalty & Support Group). In the case of companies in the RBICS Gaming or Entertainment industries, such companies will only be eligible if they belong to both the ESG Group and the LGBTQ Brand Loyalty & Support Group. To be eligible for the ESG Group, the constituents ESG Rating score - as provided by Institutional Shareholder Services - must be within the top three quartiles for the year. To be eligible for the LGBTQ Brand Loyalty & Support Group, a company must have a composite score, determined by the Underlying Indexs maintenance agent, Fuzzy Logix LLC (Fuzzy Logix), greater than the 25th percentile based on the results of a survey conducted by The Harris Poll, a third party. The Harris Poll surveys the U.S. LGBTQ community with respect of companies that pass Fundamentals and Liquidity Screening for (1) brand awareness, (2) brand image, (3) brand loyalty and (4) LGBTQ community support. The Harris Poll annually surveys approximately 150,000 self-identified members of the approximately 11.5 million member U.S. LGBTQ community. Harris Poll receives completed survey responses that are then used by Fuzzy Logix to determine LGBTQ Brand Loyalty & Support Group eligibility. First, it disregards a respondents survey results of a company where no brand awareness is indicated and then ranks companies based on composite scoring for The Harris Polls survey results on brand image, brand loyalty and LGBTQ community support. Fuzzy Logixs methodology renders ineligible for the Underlying Index any company that scores less than the 25th percentile on a Harris Polls question about supporting LGBTQ causes. The number of Underlying Index components is fixed at 100. All companies deemed eligible for the Underlying Index by ESG Group and/or LGBTQ Brand Loyalty & Support Group membership, as the case may be, are then ranked according to sales growth from highest to lowest growth over the prior one year period. The top two companies of each of the 11 RBICS sectors based on Fuzzy Logix scoring of the LGBTQ Brand Loyalty & Support Group are automatically included in the Underlying Index. The remaining 88 positions are filled by the remaining highest sales growth eligible companies, without regard to RBICS sector, until 100 Underlying Index components have been selected. Underlying Index components are then weighted by a composite weighting formula that measures inverse of volatility (40%), the free float adjusted market capitalization (30%) and the price to earnings ratio (30%) of each Underlying Index component. This weighting methodology is further subject to the following rules: no single RBICS sector is allowed to represent a combined weight of more than 25% of the Underlying Index; and no individual Underlying Index component is allowed to have a weight greater than 5% of the Underlying Index. The Underlying Index is reconstituted annually and rebalanced quarterly. As of December 31, 2021, the Underlying Index consisted of 100 securities, which had capitalizations ranging from $11 billion to $2,935 billion, an average market capitalization of $224 billion and a median market capitalization of $85 billion. As of that date, the Underlying Index had significant exposure to the technology sector (24.3%), healthcare sector (17.5%) and finance sector (13.6%). The components of the Underlying Index and the percentages represented by various sectors in the Underlying Index may change overtime. The Fund will concentrate its investments in a particular industry or group of industries (i.e., hold more than 25% of its assets) to approximately the same extent that the Underlying Index is concentrated. Under normal circumstances, the Fund will invest at least 80% of its total assets, at all times, in LGBTQ Brand Loyalty & Support Group securities and ESG Group securities. Show less