p id="xdx_A84_err--StrategyNarrativeTextBlock_gRBSNTB-XDPPEC_zikF60OCkrU3" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"The Fund employs a “passive /spanspan style="text-transform: none"management/spanspan style="text-transform: none"” — or indexing — investment approach designed to track the performance of the/spanspan style="text-transform: none" Underlying Index. /spanspan id="passive-pro_01a41"/spanspan style="text-transform: none"The Advisor is the index provider for the /spanspan style="text-transform: none"Underlying Index./span/pp style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"The Fund invests, under normal circumstances, at least 80%/spanspan style="text-transform: none" of its net assets, plus the amount of any borrowings for/spanspan style="text-transform: none" investment purposes, in the investments included in the Underlying Index/spanspan style="text-transform: none" (“Underlying Index Components”). The Underlying Index consists of a number of Underlying Index Components selected in accordance with its rules-based methodology. Such Underlying Index Components will/spanspan style="text-transform: none" include primarily non-U.S. equity securities. In addition, the Fund may /spanspan style="text-transform: none"invest up to 20% of its net assets in investments /spanspan style="text-transform: none"not included in its /spanspan style="text-transform: none"Underlying Index,/span/p p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"but which the Advisor believes /spanspan style="text-transform: none"will help the Fund track the Underlying Index. The Fund /spanspan style="text-transform: none"may also invest in one or more financial instruments, including but not limited to futures contracts and swap agreements (collectively, /spanspan style="text-transform: none"“Financial Instruments”)./span/p p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"The securities that are eligible for inclusion in the Underlying Index are common stock of non-U.S. companies headquartered in developed countries outside the U.S. All eligible securities must have a minimum of 52-week average daily trade volume of $5 million /spanspan style="text-transform: none"and 100,000 shares as well as have commenced trading at /spanspan style="text-transform: none"least two (2) full quarters prior to the annual reconstitution. Additionally, eligible securities must have a minimum market /spanspan style="text-transform: none"capitalization of at least $1 billion and a minimum average market capitalization of $1 billion at the time of /spanspan style="text-transform: none"the /spanspan style="text-transform: none"annual reconstitution. As of June 30, 2024, the market capitalization range /spanspan style="text-transform: none"of the companies included in the Underlying Index was $1.53 billion to $644.31 billion. As of June 30, 2024, the Underlying Index consisted of securities issued by companies domiciled in the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and /spanspan style="text-transform: none"United Kingdom./span/pp style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"The Underlying Index Components are selected and weighted utilizing a rules-based methodology (“Methodology”) incorporating fundamental factors. The Methodology ranks the universe of eligible securities based on three fundamental factors: Sales (over annual period), Market Share (over annual period), and Operating Margin (3-year average). The /spanspan style="text-transform: none"Market Share and Operating Margin ranks are determined relative to other /spanspan style="text-transform: none"eligible securities within the same sector, while the Sales rank /spanspan style="text-transform: none"is determined relative to all securities within the eligible universe. A composite rank of the three factors is derived as an equal weighted average. The top 500 securities, based on the composite rank, are included in the Index. The weighting of each security within the Index is derived based on the relative value of each security’s composite score. The Index is reconstituted and rebalanced once a year. At time of the annual rebalance, no single component may have a weighting greater than 5% of the Index. In addition to the annual rebalance, on a quarterly basis the weight of any security that exceeds 10% of the Index is reduced to a maximum weight of 10% and the excess amounts are redistributed proportionately among the other /spanspan style="text-transform: none"Index components./span/p p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"To the extent the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities /spanspan style="text-transform: none"of a particular industry or group of industries, the Fund will concentrate its investments to approximately the /spanspan style="text-transform: none"same extent as the Underlying Index. As of June 30, 2024, the primary sectors within the Underlying Index were industrials, consumer discretionary, and /spanspan style="text-transform: none"consumer staples./span/pp style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"The Underlying Index may include as a component one or more ETFs advised by the Advisor (“Affiliated ETFs”) and the Fund /spanspan style="text-transform: none"will typically invest in any Affiliated ETF included in the /spanspan style="text-transform: none"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 /spanspan style="text-transform: none"Underlying Index./span/p