Strategy. The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (S&P DJI or the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of approximately 75 growth stocks in the S&P 500 Index (the Parent Index) with relatively high quality and value composite scores, which are computed as described below. 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) … Show more… The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (S&P DJI or the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of approximately 75 growth stocks in the S&P 500 Index (the Parent Index) with relatively high quality and value composite scores, which are computed as described below. 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 150 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 150 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 EPS divided by its price. In accordance with the Underlying Index methodology, the Index Provider ranks these 150 stocks by QV composite score. The top 75 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 June 30, 2025, the Underlying Index was comprised of 75 constituents with market capitalizations ranging from $10.4 billion to $3.9 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 intends to be diversified, as defined in the Investment Company Act of 1940, as amended (the 1940 Act), to the extent that the Underlying Index is diversified. The Fund may become non-diversified as defined in the 1940 Act solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. Should the Fund become non-diversified, it will no longer be required to meet certain diversification requirements under the 1940 Act and may invest a greater portion of its assets in securities of a small group of issuers or in any one individual issuer than can a diversified fund. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status solely due to a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. In seeking to track the Underlying Index, the Fund was managed as diversified as of April 30, 2025. 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