The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. As with any investment, you could lose all or part of your investment. Any of these risks could adversely affect the Fund's net asset value ("NAV"), market price, yield, total return, and/or its ability to achieve its objective.

Shares trade at market prices that may be above (premium) or below (discount) NAV, particularly when market volatility is elevated, trading volume is limited, or the Index/portfolio experiences disruptions.

The Index is owned and maintained by an unaffiliated third party (the Index Owner). The Adviser has no control over the Index methodology or the Index Owner's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Owner may adversely affect the Index and, in turn, the Fund.

The Fund and its service providers rely on complex processes and technology. Human error, processing or communication failures, cyber incidents, or disruptions at counterparties and other third parties could impair operations, result in financial loss, or hinder the Fund's ability to meet its objective.

Because the Index selects and weights companies based on the value of shares owned by insiders, the Fund will be concentrated in companies with higher levels of insider ownership and may be more exposed to risks associated with concentrated insider influence or control. These companies may present heightened governance risks (including conflicts of interest and related-party transactions), key-person and succession risks, and decision-making that may not align with the interests of other shareholders. The insider-ownership screen also narrows the investable universe, which may cause the Fund's performance to differ, positively or negatively, from broader equity markets and increase volatility.

The Index relies on third-party data (e.g., prices, shares outstanding/free float, classifications, and corporate actions) and is calculated by S&P Dow Jones Indices (the "Index Calculator") based on rules owned and set by Inside Ownership Index Inc. (the "Index Owner"). Errors, delays, or misapplications by data vendors, the Index Owner, or the Index Calculator may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice.

The Fund is newly organized and has limited or no operating history. It may take time to attract assets, build secondary-market liquidity, and achieve efficient index tracking.

Large-cap issuers can be slower to adapt to competitive or technological shifts and, in some environments, may underperform smaller companies that are more nimble.

To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

Global economies and financial markets are interconnected, and events in one country or region may adversely affect markets elsewhere. The Fund's holdings may underperform due to inflation, interest-rate changes, shifts in demand, natural disasters, public-health emergencies, or governmental actions.