Strategy. The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index seeks to track the performance of a portfolio of companies that are leaders, enablers, and beneficiaries of a transformational shift in the way energy is produced, stored, distributed, and consumed. The Index was created in 2020 and is owned by Blue Horizon Capital LLC (Blue Horizon or the Index Provider). Blue Horizon New Energy Economy 100 Index The Index consists of a portfolio of approximately 100 U.S. and foreign companies from the following New Energy Economy Sectors (collectively, companies participating in the New Energy Economy): Electric Vehicles & Other New Energy Consuming Applications Companies whose core products, services, … Show more… The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index seeks to track the performance of a portfolio of companies that are leaders, enablers, and beneficiaries of a transformational shift in the way energy is produced, stored, distributed, and consumed. The Index was created in 2020 and is owned by Blue Horizon Capital LLC (Blue Horizon or the Index Provider). Blue Horizon New Energy Economy 100 Index The Index consists of a portfolio of approximately 100 U.S. and foreign companies from the following New Energy Economy Sectors (collectively, companies participating in the New Energy Economy): Electric Vehicles & Other New Energy Consuming Applications Companies whose core products, services, technologies, or intellectual property are being transformed by advances in the way energy is used or consumed ( e.g. , electric vehicles, portable consumer devices and electronics, devices that improve mobility, and tools). Energy Distribution Companies driving advancements in the distribution of energy ( e.g ., micro grids, distributed energy systems, smart grids, charging infrastructure and services, and related infrastructure). Energy Storage Companies developing new technologies, products, or services for the storage of energy ( e.g ., batteries, thermal units, mechanical units, chemical units, and related battery sub-components). Energy Materials Companies engaged in activities related to the mining and production or refinement of critical elements, critical intermediates, specialty materials, performance materials, advanced material systems, and sub-systems used across the New Energy Economy. Energy Generation Companies engaged in making clean or alternative energy generation more cost effective, safe, and sustainable (e.g. , energy generation from solar, wind, hydrogen, fusion, fission, geothermal, biofuels, and clean fuels). Companies eligible for inclusion in the Index are those included in the Blue Horizon New Energy Economy Universe (the BH Universe), a proprietary database of companies in the New Energy Economy Sectors listed above. Companies in the BH Universe are then screened for investibility requirements including a market capitalization in excess of $200 million and a minimum average daily value traded of $1 million. Companies in the BH Universe are then further screened for relevance to their applicable New Energy Economy Sectors, and assigned a score based on revenue, market share, growth, and technology leadership relative to their New Energy Economy Sectors. Companies with stronger ties to the New Energy Economy Sectors receive higher scores, and the companies with the highest scores are included in the Index, subject to a maximum of 30 companies in any one New Energy Economy Sector. The Index is rebalanced semi-annually, and Index constituents are equally weighted at the time of each rebalance. The Index is reconstituted ( i.e. , companies added or removed from the Index) when the Index Provider determines that changes to the Index constituents are appropriate to maintain the integrity of the Indexs theme, e.g. , by removing companies that are no longer a leader in their New Energy Economy Sector or adding companies that have gained relevance in their New Energy Economy Sector. The Funds Investment Strategy The Fund will generally use a replication strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Funds adviser believes it is in the best interests of the Fund ( e.g. , when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund concentrates ( i.e. , hold more than 25% of its total assets) in securities of an industry or group of related industries to approximately the same extent as the Index. As of October 31, 2023, the Index was not concentrated in any industry or group of related industries; however, securities in the energy, industrial, and materials sectors made up a significant portion of the Index. 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