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 measure the performance of approximately 100 securities in the S&P 500 Index that have exhibited the least volatility over the past 12 months, as determined by the Index Provider. The Underlying Index selects constituents from the S&P 500 Index, which is comprised of common stocks of approximately 500 large-capitalization companies that generally represent the large-cap segment of the U.S. equity market. Volatility is a statistical measurement of the magnitude of up and … 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 measure the performance of approximately 100 securities in the S&P 500 Index that have exhibited the least volatility over the past 12 months, as determined by the Index Provider. The Underlying Index selects constituents from the S&P 500 Index, which is comprised of common stocks of approximately 500 large-capitalization companies that generally represent the large-cap segment of the U.S. equity market. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stocks price) over time. The realized volatility of every stock in the S&P 500 Index is measured using available price return data for the trailing one year of trading days to determine the constituents that comprise the Underlying Index. The Underlying Index weights the 100 constituent securities based upon the inverse of each securitys volatility, with the least volatile securities receiving the greatest weights in the Underlying Index. As of October 31, 2025, the Underlying Index was comprised of 100 constituents with market capitalizations ranging from $10 billion to $658.3 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 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 August 31, 2025. Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total 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