Strategy. The Funds Investment Strategy The Fund seeks to track the investment results of the Bloomberg US Listed Semiconductors Select Index (the Index), which measures the performance of the top 30 U.S.-listed semiconductor companies. The Index is designed by Bloomberg Index Services Limited (the Index Provider) to consist of U.S.-listed equity securities of companies that have been classified by the Index Provider as providing exposure to the semiconductor sector. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. semiconductor companies. Index Eligibility Process Semiconductor Universe Creation The Index Provider determines eligible semiconductor companies based on a multistep process which is constructed to utilize both analyst expertise and data analytics. … Show more… The Funds Investment Strategy The Fund seeks to track the investment results of the Bloomberg US Listed Semiconductors Select Index (the Index), which measures the performance of the top 30 U.S.-listed semiconductor companies. The Index is designed by Bloomberg Index Services Limited (the Index Provider) to consist of U.S.-listed equity securities of companies that have been classified by the Index Provider as providing exposure to the semiconductor sector. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. semiconductor companies. Index Eligibility Process Semiconductor Universe Creation The Index Provider determines eligible semiconductor companies based on a multistep process which is constructed to utilize both analyst expertise and data analytics. The process begins with the generation of a preliminary list of companies by Bloomberg Intelligence (an affiliate of the Index Provider) (BI) analysts and a list of key terms associated with semiconductor companies. Next, using search tools that employ Natural Language Processing capabilities, publicly available company documents are scraped for occurrences associated with the key terms related to semiconductor companies. This process also utilizes methods for synonym-matching to reduce variability in frequency counts due to corporate communication styles. Documents scraped include, but are not limited to, company filings, investor presentations, quarterly earnings reports, earnings call transcripts, press releases, news articles or media coverage. Companies identified using this process constitute the Index universe of semiconductor companies. Relevancy Assessment In addition, BI analysts reviews the identified universe of semiconductor companies to inform a BI view on each companys current, and potential near-term, relevancy to the semiconductor theme across two categories revenue exposure (Revenue Score) and theme exposure (Theme Score). All semiconductor companies are assigned a Revenue Score and a Theme Score ranging from 1 (most exposed) to 3 (least exposed) (each as further described below). The Revenue Score reflects BIs view of near-term (3 to 5 year) revenue exposure of each semiconductor company to the semiconductor theme as a percent of the companys total revenue. BI analysts leverage publicly available company data such as financial disclosures, and where necessary other available research, to assess a semiconductor companys Revenue Score. An Revenue Score of 1 reflects BIs assessment of a company being more than 50% of revenue tied to the theme, 2 means 20-50%, and 3 means less than 20%. The Theme Score aims to capture a view on a semiconductor companys positioning and ability to execute within the competitive landscape of the semiconductor theme. BI analysts consider a series of data points to inform a perspective on relevant issues such as a companys ability to ramp production, relevant capital allocation trends, and access to capital. Quantitative operational data is used, but BIs assessment of other publicly availability data and industry knowledge is also used. Companies are assessed on a scale of 1 (high theme relevancy) to 3 (lower theme relevancy). To be eligible for inclusion in the Index, a semiconductor company must i) have either a Revenue Score of 1 or a Theme Score of 1; and ii) have a combined Revenue Score and Theme Score that ranges from 2 to 4. Further, for inclusion in the Index, companies that are identified as part of the universe described above must be listed on a U.S. exchange, and a securitys country of risk ( i.e. , an assessment of based on the location from which the majority of its revenue comes and its reporting currency) and country of domicile ( i.e. , where a companys senior management is located) must not be classified as China, Taiwan, or Hong Kong. Index Selection Process All securities that satisfy the Index Eligibility Process described above are eligible for inclusion in the Index. Each eligible securitys free float market capitalization ( i.e. , market capitalization based on the number of shares available to the public) is adjusted by its Revenue Score to determine the securitys modified market capitalization (Modified Market Cap). The top 30 securities by Modified Market Cap are selected for inclusion in the Index. Index Weighting Index constituents are weighted using each constituents Modified Market Cap ( i.e., constituents with a Revenue Score of 1 are included in the Index at its full free float adjusted market capitalization weight; constituents with a Revenue Score of 2 are included at half of its free float adjusted market capitalization weight; and constituents with a Revenue Score of 3 are included at one-third of its free float adjusted market capitalization weight). Constituents weights are then capped such that no constituents weight exceeds 22.5% and the cumulative weight of all constituents with weight greater than 4.5% does not exceed 45%. Any excess weight from capping is distributed proportionally to all the remaining uncapped constituents until the weighting conditions are satisfied. The weight of one or more securities in the Index may exceed these limits due to fluctuations in market value, corporate actions, or other events that change the Index composition between quarterly rebalance dates. The Index was established in 2024 and is owned and maintained by the Index Provider. The Index includes large- and mid-capitalization companies, and it is anticipated that the Funds holdings will be comprised primarily of large-capitalization companies. Substantially all of the Index is expected to be represented by securities of companies in the semiconductor sector. Such companies generally include semiconductor manufacturers and suppliers of materials that are used by semiconductor companies. The components of the Index are likely to change over time. The Index is calculated as a total return index in U.S. dollars. The Index is normally reconstituted on a quarterly basis in March, June, September, and December. Strive Asset Management, LLC (the Sub-Adviser) uses a passive or indexing approach to try to achieve the Funds investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies. The Fund will generally use a replication strategy to seek to achieve its investment objective, meaning the Fund will invest in all of the component securities of the Index in the same approximate proportions as in the Index, but may, when the Sub-Adviser believes it is in the best interests of the Fund, use a representative sampling strategy, meaning the Fund 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. The Fund will be considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in the semiconductor sector to approximately the same extent that the Index is concentrated. Show less