Strategy. The Fund seeks to provide investment results that, before fees and expenses, track the performance of the Index. The Index is a rules-based, equal-weighted index that tracks the performance of the top 100 U.S.-listed ETFs. For this purpose, the term ETFs means exchange-traded investment vehicles, including exchange-traded funds that are registered as investment companies under the Investment Company Act of 1940, as amended (the 1940 Act) and exchange-traded vehicles that are not subject to the registration requirements of the 1940 Act, such as grantor trusts. The Index selects the 100 top ETFs based on a proprietary methodology that ranks eligible ETFs according to size, liquidity and risk-adjusted returns. The Fund uses a replication indexing strategy, which means that the Fund … Show more… The Fund seeks to provide investment results that, before fees and expenses, track the performance of the Index. The Index is a rules-based, equal-weighted index that tracks the performance of the top 100 U.S.-listed ETFs. For this purpose, the term ETFs means exchange-traded investment vehicles, including exchange-traded funds that are registered as investment companies under the Investment Company Act of 1940, as amended (the 1940 Act) and exchange-traded vehicles that are not subject to the registration requirements of the 1940 Act, such as grantor trusts. The Index selects the 100 top ETFs based on a proprietary methodology that ranks eligible ETFs according to size, liquidity and risk-adjusted returns. The Fund uses a replication indexing strategy, which means that the Fund will invest in all or substantially all of the ETFs in the Index such that, after each quarterly rebalancing, 1% of the Funds assets will be invested in each of the 100 ETFs represented by the Index. In certain circumstances, when it is not possible or practicable to purchase or hold an ETF included in the Index to the same extent as represented by the Index due to potentially adverse tax consequences of that ETF or due to other Fund policies or restrictions, the Fund may adjust the Funds holdings such that the Funds weights may deviate from the weights of the Index to the extent necessary to avoid such adverse tax consequences or otherwise comply with Fund policies or restrictions. The ETFs in which the Fund invests are referred to herein as the Underlying ETFs. In order to be eligible for inclusion in the Index, an ETF must satisfy a number of conditions, including, among others, that the ETF: (i) must be listed on NYSE Arca, the New York Stock Exchange (NYSE), Nasdaq or Cboe BZX Exchange, Inc. (Cboe BZX); (ii) may not be (a) an exchange-traded note, (b) an inverse or leveraged ETF, (c) an ETF-of-ETFs, or (d) a single-stock ETF; and (iii) may not itself track the Index. In addition, the ETF must have at least $100 million in assets under management as of a certain date, and have at least a $3 million trailing average daily traded value over a certain three-month period. ETFs that are eligible for inclusion in the Index are ranked by their risk-adjusted total returns over the most recent three-month period. Although the Index has only 100 constituent ETFs, the Index ranks 200 ETFs so that, in the event that an ETF is no longer eligible for inclusion due to a corporate action or otherwise, that ineligible ETF can be replaced by the next highest ranked eligible ETF without the need to republish the Index. The Index is provided by ICE Data Indices, LLC (the Index Provider), which is not affiliated with either the Fund or its investment adviser. The Fund has adopted a policy to invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the ETFs that comprise the Index. This investment policy is non-fundamental and may be changed with 60 days prior written notice to Fund shareholders. In addition, the Fund has a policy to not concentrate its investments in securities of issuers in any one industry, as the term concentrate is used in the 1940 Act, except to the extent the Index concentrates in an industry or a group of industries. The Index is not currently concentrated in an industry or group of industries. Show less