Strategy. The Fund employs a passive management or indexing investment approach designed to track the performance of the Underlying Index. The Advisor is the index provider for the Underlying Index. The Underlying Index seeks to provide exposure to innovative companies by investing in the equities of companies around the world whose research and development (R&D) indicates a commitment to innovation and a focus on long-term growth. R&D spending includes expenditures on R&D intended for the development of concepts or ideas for products or services by which the issuer can increase revenues. The Underlying Index includes securities of large- and mid-capitalization companies that trade in the U.S. and foreign markets, including emerging markets. As of June 30, 2025, the market capitalization range … Show more… The Fund employs a passive management or indexing investment approach designed to track the performance of the Underlying Index. The Advisor is the index provider for the Underlying Index. The Underlying Index seeks to provide exposure to innovative companies by investing in the equities of companies around the world whose research and development (R&D) indicates a commitment to innovation and a focus on long-term growth. R&D spending includes expenditures on R&D intended for the development of concepts or ideas for products or services by which the issuer can increase revenues. The Underlying Index includes securities of large- and mid-capitalization companies that trade in the U.S. and foreign markets, including emerging markets. As of June 30, 2025, the market capitalization range of the Underlying Index was approximately $3.3 billion to $3.9 trillion. As of June 30, 2025, the primary sectors within the Underlying Index were information technology, consumer discretionary, and health care. The Fund invests, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the investments included in its Underlying Index. Under normal market conditions, the Fund will invest in at least three countries and at least 40% of its net assets in non-U.S. countries. The securities eligible for inclusion in the Underlying Index are those securities included in the FTSE All-World Index. The Underlying Index uses a screening process to exclude companies in sectors where R&D investments have historically had less impact on the companys performance, and to identify companies that have exhibited a strong commitment for long term growth, by reinvesting in R&D. The Underlying Index then ranks companies based on an analysis of a companys R&D spending to sales and return on invested capital. R&D spending to sales measures a companys investment in R&D as a percentage of its total sales, and companies are ranked based on their score within their sector. Return on invested capital measures how efficiently a company deploys capital to generate profits. The 200 highest ranked companies are included for selection in the Underlying Index. Securities selected for inclusion in the Underlying Index are weighted based on their market capitalization, subject to a maximum weight at the time of rebalance of the greater of (i) 5%, or (ii) the weight of a components issuer in the FTSE All World Growth Index plus 2% (Component Weight Cap). To the extent a component would exceed the Component Weight Cap at the time of rebalance, the excess percentage is allocated proportionately among the other components of the Underlying Index. Additionally, at the time of rebalance, the Underlying Index limits the maximum weight of all securities within each sector to the greater of (i) 20%, or (ii) the weight of the sector in the FTSE All World Growth Index plus 5% (Sector Weight Cap). To the extent the securities within a sector would exceed the Sector Weight Cap at the time of rebalance, the excess percentage is allocated proportionately among securities within the other sectors of the Underlying Index. The Underlying Index is reconstituted and rebalanced quarterly. The Fund generally will invest in all of the securities that comprise its Underlying Index in proportion to their weightings in the Underlying Index. The Fund has adopted a policy that it will, under normal circumstances, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. The Underlying Index may include as a component one or more ETFs advised by the Advisor (Affiliated ETFs) and the Fund will typically invest in any Affiliated ETF included in the Underlying Index. The Fund also may invest in Affiliated ETFs that are not components of the index if such an investment will help the Fund track the Underlying Index. Show less