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, S&P Dow Jones Indices LLC (the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of approximately 90 growth stocks in the S&P SmallCap 600 Index (the Parent Index) with high quality and value composite scores, which are computed as described below. The Parent Index is comprised of common stocks of approximately 600 small-capitalization companies that generally represent the small-cap segment of the U.S. equity market. The Fund defines small-capitalization companies as companies whose securities are included in the Parent Index. As of October … 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, S&P Dow Jones Indices LLC (the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of approximately 90 growth stocks in the S&P SmallCap 600 Index (the Parent Index) with high quality and value composite scores, which are computed as described below. The Parent Index is comprised of common stocks of approximately 600 small-capitalization companies that generally represent the small-cap segment of the U.S. equity market. The Fund defines small-capitalization companies as companies whose securities are included in the Parent Index. As of October 31, 2025, companies eligible for inclusion in the Parent Index had a market capitalization between $1.2 billion to $8.0 billion at the time of their inclusion in the Parent Index; these market capitalization guidelines may fluctuate depending on the overall level of equity markets. In selecting constituent securities for the Underlying Index, the Index Provider first identifies stocks that exhibit growth characteristics by calculating the growth score for each stock in the Parent Index. A stocks growth score is the average of its: (i) three-year earnings per share (EPS) growth, calculated as a companys three-year EPS compound annual growth rate, and (ii) three-year sales per share (SPS) growth, calculated as a companys three-year SPS compound annual growth rate. Stocks are ranked by growth score and the 180 stocks with the highest growth scores remain eligible for inclusion in the Underlying Index. The Index Provider then calculates a quality/value (QV) composite score for each of these 180 stocks. A stocks QV composite score is the average of its: (i) financial leverage ratio, calculated as a companys latest total debt divided by its book value; (ii) return on equity, calculated as a companys trailing 12-month EPS divided by its latest book value per share; and (iii) earnings-to-price ratio, calculated as a companys trailing 12-month diluted EPS divided by its price. In accordance with the Underlying Index methodology, the Index Provider ranks these 180 stocks by QV composite score. The top 90 stocks resulting from this ranking comprise the Underlying Index. The constituents of the Underlying Index are weighted based on their respective growth scores, such that stocks with relatively higher growth scores will have a greater weighting in the Underlying Index. No security will have a weight that is less than 0.05% or more than 5% of the Underlying Index. Additionally, each sector, as defined according to the Global Industry Classification Standard (GICS ), will be subject to a maximum weight of 40%. As of October 31, 2025, the Underlying Index was comprised of 90 constituents with market capitalizations ranging from $547.9 million to $11.5 billion. 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. Show less