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, Nasdaq, Inc. (Nasdaq or the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of U.S.-listed companies with continuous and stable growth in free cash flow. Generally speaking, free cash flow refers to the cash a company has left over after accounting for operating expenses and capital expenditures; positive free cash flow may indicate a companys financial health and efficiency and can suggest a companys ability to generate sufficient revenue to maintain operations. To be eligible for inclusion in the Underlying Index, an issuer … 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, Nasdaq, Inc. (Nasdaq or the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of U.S.-listed companies with continuous and stable growth in free cash flow. Generally speaking, free cash flow refers to the cash a company has left over after accounting for operating expenses and capital expenditures; positive free cash flow may indicate a companys financial health and efficiency and can suggest a companys ability to generate sufficient revenue to maintain operations. To be eligible for inclusion in the Underlying Index, an issuer must be included in the Nasdaq US Benchmark Index (a float adjusted, market capitalization-weighted index designed to track the performance of the U.S. equity market) and have had positive free cash flow in each of the past 11 years. The Underlying Index includes the top 50 eligible securities, based on the greatest number of years during that period when a company had a year-over-year increase in positive free cash flow. In the event that securities have the same number of years with positive year-over-year changes in free cash flow, the Underlying Index selects securities of companies with the highest compounded annual growth rate in free cash flow over the past three years. The Underlying Index is a modified market capitalization weighted index and may include companies in any industry or sector, other than the real estate and financials sectors, and of any market capitalization. As of October 31, 2025, the Underlying Index was comprised of 50 constituents with market capitalizations ranging from $274.4 million to $4.9 trillion. 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. The Fund is non-diversified and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the 1940 Act). 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. As of August 31, 2025, the Fund had significant exposure to the information technology sector. The Funds portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less