Strategy. The Fund employs a passive management (or indexing) investment approach designed to track the performance, before fees and expenses, of the Solactive US R&D Champions Index (the Index). The Index is based on a proprietary methodology developed and maintained by Solactive AG (the Index Provider), which is an organization that is independent of, and unaffiliated with, the Fund and Themes Management Company, LLC, the Funds investment adviser (the Adviser). The Index The Index is designed to provide exposure to US companies in the large- and mid- capitalization segments that rank in the top 50 companies based on the Index Providers R&D intensity metric (defined below). The Index is denominated in U.S. dollars. As of December 31, 2025, the Index was … Show more… The Fund employs a passive management (or indexing) investment approach designed to track the performance, before fees and expenses, of the Solactive US R&D Champions Index (the Index). The Index is based on a proprietary methodology developed and maintained by Solactive AG (the Index Provider), which is an organization that is independent of, and unaffiliated with, the Fund and Themes Management Company, LLC, the Funds investment adviser (the Adviser). The Index The Index is designed to provide exposure to US companies in the large- and mid- capitalization segments that rank in the top 50 companies based on the Index Providers R&D intensity metric (defined below). The Index is denominated in U.S. dollars. As of December 31, 2025, the Index was comprised of 50 companies with a market capitalization range of between approximately $11.2 billion and $4 trillion and a weighted average market capitalization of approximately $423.1 billion. In constructing or adjusting the Index, the Index Provider identifies an Index Universe of companies that, on Selection Days (as defined below) are a part/component of the Solactive GBS (Global Benchmark Series) United States Large & Mid Cap USD Index (an index developed and maintained by the Index Provider that intends to track the performance of the large- and mid- capitalization segments covering approximately 85% of the free-float market capitalization in the United States). The country classification of a company (i.e. as a US company) is generally determined by the Index Provider using the companys country of incorporation and the country of primary listing of its securities. If the companys country of primary listing is the same as its country of incorporation, then the company will be assigned to that country. If the country of primary listing is not the same as the companys country of incorporation, then additional criteria, such as the location of the companys management board (country of domicile) and an assessment by the Index Provider of the country in which the company would be influenced the most by potential changes in the business environment (country of risk), are considered by the Index Provider for classification purposes. Based on the Index Universe, the initial composition of the Index, as well as any selection for an ordinary rebalance, is determined on the Selection Day by the Index Provider based on its R&D ranking metric. To be eligible for the Index a company must have reported through its public filings its R&D expenses and must have a positive profit margin in each of the last three years (R&D Companies). R&D Companies must also meet the following criteria to be eligible for the Index: 1) must have increasing research & development expenses in each of the last three years; 2) must have a positive return on equity in each of the last three years; and 3) must have a positive return on assets in each of the last three years. All eligible companies are then assigned a ranking based on the Index Providers R&D ranking metric. This R&D metric ranks a companys research & development activities by determining the percentage that research & development expenses are of a companys sales and net income with the top 50 R&D focused companies being selected for the Index. The determination of the Index Universe and the selection of securities for inclusion in the Index (Index Components) is made by the Index Provider based on its proprietary methodology. Selection Day is the last business day in January, April, July and October. Rebalance Day is seven business days after Selection Day. The Index Components may change over time. The Funds Investment Strategy The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities that comprise the Index. The Fund will also invest, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in securities of R&D Companies. The Index may include securities of large- and mid- capitalization companies. The Funds 80% Policies are non-fundamental and require 60 days prior written notice to shareholders before each can be changed. The Fund 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 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 achieve its investment objective, meaning it will invest in all of the component securities of the Index in the same approximate proportion as in the Index. However, the Fund may utilize a representative sampling strategy with respect to the Index when a replication strategy might be detrimental or disadvantageous to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Index, in instances in which a security in the Index becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the Fund but not the Index. The Adviser expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will be 95% or better. If the Fund uses a replication strategy, it can be expected to have greater correlation to the Index than if it uses a representative sampling strategy. The Fund is 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. To the extent the Index is concentrated (i.e., holds 25% or more of its total assets) in a particular industry or group of industries, the Fund is expected to be concentrated in that industry or group of industries to approximately the same extent that the Index concentrates in an industry or group of industries. As of December 31, 2025, a significant portion of the Index is represented by securities of companies in the information technology sector. The degree to which components of the Index represent certain sectors or industries may change over time. The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of any collateral received). Show less