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false 2026-10-07 N-1A MANAGED PORTFOLIO SERIES 2026-10-07 Tuttle Capital Thematic ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital Thematic ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:439.25pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div>Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:549.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:618.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund seeks to achieve its investment objective by investing primarily in equity securities of U.S.-listed companies, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:630.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">including common stocks, exchange-listed options on individual equity securities, and exchange-listed equity index </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:641.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">options.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:657.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser employs a proprietary “Thematic Hierarchy” investment process: (1) Macro Theme Identification — the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:668.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Adviser identifies the most compelling macro-level investment themes expected to drive capital flows and innovation </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:679.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">over the near to medium term (“Themes”); (2) Theme Winners — the Adviser selects companies positioned as direct </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:691.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">primary beneficiaries of such Themes; (3) First-Order Suppliers — the Adviser identifies companies providing essential </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:702.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">enabling inputs to the Theme winners; (4) Second-Order Suppliers — the Adviser identifies companies providing inputs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:714.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">to the first-order suppliers; and (5) Additional Layers — the process continues down the supply chain as long as the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:725.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Adviser believes a meaningful, Theme-correlated investment opportunity exists. The Adviser typically invests a greater </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">percentage of the Fund’s assets in Theme Winners than First-Order Suppliers, and a greater percentage in First-Order </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Suppliers than Second-Order Suppliers, but the Adviser also takes into account other factors, including market volatility, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">correlation of stocks, and market capitalization when allocating Fund investments.</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser uses its proprietary “H.E.A.T.” investment framework—Hedges, Edges, Asymmetry, and Themes—when </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing on behalf of the Fund. As described in greater detail below, the Adviser “hedges” against the Fund’s downside </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">risk attributable to equity securities using exchange-listed options, and, as noted above, the Adviser selects equities for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">inclusion in the Fund’s portfolio from the eligible universe of issuers connected to a Theme. The Adviser selects </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">individual securities by evaluating (1) each issuer’s Edge, meaning the issuer’s differentiated competitive position (such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">as market share, proprietary technology or intellectual property, or demonstrated revenue growth attributable to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Theme), and (2) the Asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the potential upside of the position materially outweighs its identifiable downside risk, taking into account valuation and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">identifiable catalysts. Securities within a Theme that the Adviser determines exhibit the strongest combination of Edge </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and Asymmetric return potential are selected for inclusion in the Fund’s portfolio. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight to portfolio holdings within a Theme based on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser’s assessment of the holding’s Edge and Asymmetric return potential and its relevance and business </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">exposure to the Theme.</span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may purchase exchange-listed options, including long call options to obtain leveraged or efficient exposure to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">positions. The Fund may also purchase long put options as a hedge against downside risk or to express a bearish view </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">on a particular security or sector. The Fund does not use options for speculative purposes but may use them as part of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">its overall risk management and thematic exposure framework.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also take temporary defensive positions when the Adviser determines that market conditions are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">unfavorable. During such periods, the Fund may hold a portion of its assets in cash, cash equivalents, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">securities, investment-grade short-term debt instruments, or inverse exchange-traded products.</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund’s holdings may represent multiple economic sectors that will vary at different points in time, subject to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:359pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s policy not to concentrate its investments in an industry or group of industries. As of October 7, 2026, the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">expects to have significant exposure to the information technology sector, including artificial intelligence (“AI”) </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">companies. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:397.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also invest in equity securities of non-U.S. companies, including through American Depositary Receipts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:408.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:413.05pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of any market capitalization, including large-, mid- and small-capitalization companies.</span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:435.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:334.12pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Fund, as with all funds, are </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that their investments could lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:94.09pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:502pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:528.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:540.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:567pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:593.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:605.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:632pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:670.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:681.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:704.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:715.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:727.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:69.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:80.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:315.99pt;position:var(--position);text-decoration:none;white-space:pre"> As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:80.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:315.99pt;position:var(--position);text-decoration:none;white-space:pre"> As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div>experienced by domestic ETFs. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.81pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of large </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cap companies underperform securities of smaller-capitalization companies or the market as a whole. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities of large cap companies may be relatively mature compared to smaller companies and therefore subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">to slower growth during times of economic expansion. Large-capitalization companies may also be unable to </span></div>respond quickly to new competitive challenges, such as changes in technology and consumer tastes. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Small- and Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:288.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in smaller and mid-sized companies may involve </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">greater risk than investments in larger companies, including greater volatility, less liquidity, and less available </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">information.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:135.48pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund's invests more heavily in particular sectors of the economy, its performance </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">will be especially sensitive to developments that significantly affect those sectors.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:580.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:664pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:675.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:725pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Leverage Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:145pt;position:var(--position);text-decoration:none;white-space:pre"> The use of call options creates exposure to securities greater than the premium paid, which </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">magnifies both gains and losses.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Hedging Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:143.91pt;position:var(--position);text-decoration:none;white-space:pre">Hedges are not perfect instruments. A hedge may not eliminate or reduce all of the loss the Fund </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:130.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">otherwise would incur on a given position.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Defensive Positioning Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:205.07999999999998pt;position:var(--position);text-decoration:none;white-space:pre">To the extent that the Fund takes a temporary defensive position, the Fund may not </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fully participate in market advances.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;top:-2.62pt;white-space:pre">Theme Selection Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:176.1pt;position:var(--position);text-decoration:none;top:-2.62pt;white-space:pre">. Themes identified by the Adviser may fail to materialize, develop more slowly than </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:184.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">anticipated, or generate investment returns that are less than expected. In addition, Themes and the equity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:196.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies identified within the Thematic Hierarchy may underperform the broader equity market or </span></div>other funds that do not utilize such criteria when selecting investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:236pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:247.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:258.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:270.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:281.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:293pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:304.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:315.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:327.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:338.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:350pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:500.6pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:365.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:376.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:388.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:422.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:433.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:460.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:494.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:506.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:521.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:559.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:571.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:582.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:605.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:620.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:632.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:643.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:655pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:666.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:677.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:689.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:700.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:712pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:723.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:376.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:388.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:422.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:433.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:460.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:494.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:506.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:571.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:582.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:605.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:632.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:643.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:655pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:666.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:677.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:689.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:700.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:712pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:723.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:66pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Options Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:177.79pt;position:var(--position);text-decoration:none;white-space:pre">Purchasing options is a speculative activity and entails greater than ordinary investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">risk. Options enable the Fund to purchase exposure that is significantly greater than the premium paid. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Consequently, the value of such options can be volatile, and a small investment in options can have a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">large impact on the performance of the Fund. The Fund risks losing all or part of the cash paid (premium) </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">for purchasing options. Even a small decline in the value of a reference asset underlying call options or a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">small increase in the value of a reference asset underlying put options can result in the entire investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">in such options being lost. A long call option premium may be lost entirely if the reference asset does not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">rise above the strike price. A long put option premium may be lost entirely if the reference asset does not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">fall below the strike price. In addition, the value of an option may be adversely affected if the market for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the option becomes less liquid or smaller, and </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:308.66999999999996pt;position:var(--position);text-decoration:none;white-space:pre">will</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:321.86pt;position:var(--position);text-decoration:none;white-space:pre"> be affected by changes in the value or yield of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">option’s reference asset, an increase in interest rates, a change in the actual or perceived volatility of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">stock market or the reference asset and the remaining time to expiration. The Fund’s investment in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">options may reduce the Fund’s profit from its other holdings and may result in a significantly greater </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">decline in the value of the Fund than if it had invested directly in the reference asset instead of using </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">options.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Options Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:177.79pt;position:var(--position);text-decoration:none;white-space:pre">Purchasing options is a speculative activity and entails greater than ordinary investment </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">risk. Options enable the Fund to purchase exposure that is significantly greater than the premium paid. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Consequently, the value of such options can be volatile, and a small investment in options can have a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">large impact on the performance of the Fund. The Fund risks losing all or part of the cash paid (premium) </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">for purchasing options. Even a small decline in the value of a reference asset underlying call options or a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">small increase in the value of a reference asset underlying put options can result in the entire investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">in such options being lost. A long call option premium may be lost entirely if the reference asset does not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">rise above the strike price. A long put option premium may be lost entirely if the reference asset does not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">fall below the strike price. In addition, the value of an option may be adversely affected if the market for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the option becomes less liquid or smaller, and </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:308.66999999999996pt;position:var(--position);text-decoration:none;white-space:pre">will</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:321.86pt;position:var(--position);text-decoration:none;white-space:pre"> be affected by changes in the value or yield of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">option’s reference asset, an increase in interest rates, a change in the actual or perceived volatility of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">stock market or the reference asset and the remaining time to expiration. The Fund’s investment in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">options may reduce the Fund’s profit from its other holdings and may result in a significantly greater </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">decline in the value of the Fund than if it had invested directly in the reference asset instead of using </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">options.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span></div> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150.35pt;position:var(--position);text-decoration:none;white-space:pre"> Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:485pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:496.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital AI Inference ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital AI Inference ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">tables and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div>Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:607.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:618.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">purposes) in equity securities of “AI Inference Companies.”</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:300.87pt;position:var(--position);text-decoration:none;white-space:pre"> AI inference refers to the process by which trained AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:630.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">models generate outputs in response to real-time queries. The Adviser defines AI Inference Companies as companies </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:641.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">that derive at least 50% of their revenue or net income from, or that have invested at least 50% of the value of their </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:653.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">assets in, businesses related to the deployment and scaling of AI inference workloads, including companies engaged in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:664.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the development, production, or utilization of: (i) AI inference chips and accelerators, including graphics processing units </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:675.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(GPUs), neural processing units (NPUs), and </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246pt;position:var(--position);text-decoration:none;white-space:pre">custom</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:276.6pt;position:var(--position);text-decoration:none;white-space:pre"> AI application-specific integrated circuits (ASICs); (ii) networking </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:687.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">hardware for AI inference clusters, including switch silicon, network interface cards (NICs), and cables; (iii) data center </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">infrastructure for AI inference; (iv) high-bandwidth memory essential to AI inference performance; and (v) cloud </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:710.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">infrastructure companies primarily monetizing AI inference workloads. </span></div></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of AI Inference </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Companies using company disclosures, industry and supply-chain research, and third-party financial and revenue-</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when investing </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, meaning the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">issuer’s differentiated competitive position (such as market share or competitive position within the theme, proprietary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and (2) the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential upside of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable catalysts. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and valuation. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return potential are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology sector, including artificial intelligence (“AI”) companies. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:298pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in the equity securities of large- and mid-capitalization companies. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:417.8pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also gain </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">exposure to equity securities by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:336.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">purposes) in equity securities of “AI Inference Companies.”</span> The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information technology sector, including artificial intelligence (“AI”) companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:334.12pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Fund, as with all funds, are </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that their investments could lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:94.09pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:431.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:496.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:584.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:607.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:618.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:706.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:717.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:80.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:130.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:141.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:153.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:706.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:717.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:141.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:153.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:100.5pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.6pt;position:var(--position);text-decoration:none;white-space:pre">Companies in the semiconductor industry are subject to significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.6pt;position:var(--position);text-decoration:none;white-space:pre">Companies in the semiconductor industry are subject to significant </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.31pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of large </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre">cap companies underperform securities of smaller-capitalization companies or the market as a whole. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:454.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre">securities of large cap companies may be relatively mature compared to smaller companies and therefore subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre">to slower growth during times of economic expansion. Large-capitalization companies may also be unable to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre">respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:238.3pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in mid-sized companies may involve greater risk than </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:503.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments in larger companies, including greater volatility, less liquidity, and less available information</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:511.3pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:132.85pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:557.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">regulatory, or other developments affecting that sector than a fund with a broader range of investments. </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:66pt;position:var(--position);text-decoration:none;white-space:pre">•</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:607pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:618.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:629.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:641.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:66pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:679.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:702.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">▪</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Hyperscaler Dependency Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:252.75pt;position:var(--position);text-decoration:none;white-space:pre"> Many companies in the AI inference ecosystem depend significantly on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a small number of hyperscale cloud providers. Hyperscale cloud providers are large, well-capitalized </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">companies—such as Amazon Web Services, Microsoft Azure, and Google Cloud—that own and operate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">massive-scale, globally distributed data center and computing infrastructure used to deliver cloud </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">computing, storage, and artificial intelligence services to businesses and other customers. A reduction in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">AI infrastructure spending by these customers could materially harm the Fund's holdings.</span></div></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">▪</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Hyperscaler Dependency Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:252.75pt;position:var(--position);text-decoration:none;white-space:pre"> Many companies in the AI inference ecosystem depend significantly on </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a small number of hyperscale cloud providers. Hyperscale cloud providers are large, well-capitalized </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">companies—such as Amazon Web Services, Microsoft Azure, and Google Cloud—that own and operate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">massive-scale, globally distributed data center and computing infrastructure used to deliver cloud </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">computing, storage, and artificial intelligence services to businesses and other customers. A reduction in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">AI infrastructure spending by these customers could materially harm the Fund's holdings.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:373.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:396.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:434.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:446.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:457.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:469pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:507.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:606.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:629.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:640.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:652pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:663.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:674.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:373.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:434.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:446.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:457.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:606.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:629.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:640.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:652pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:663.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:674.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:724.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:567.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:624.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:647.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:670.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:681.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:704.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:715.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:727.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:203.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital AI TokenMax ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital AI TokenMax ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund's operating expenses remain the same.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">TokenMax Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:156.19pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines AI TokenMax Companies as companies that derive at least 50% of their </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue or net income from, or that have invested at least 50% of the value of their assets in, businesses supporting </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">extended context windows, higher token throughput, greater token efficiency, or AI memory and recall capabilities, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">including companies engaged in the development, production, or utilization of (i) high-capacity memory enabling longer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:659.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">AI context windows; (ii) compute-efficient AI accelerators reducing cost-per-token; (iii) semiconductor packaging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:670.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">expanding on-chip memory bandwidth; (iv) AI software improving token efficiency or enabling model compression; and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:682.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(v) data center infrastructure for token-intensive AI models.</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">TokenMax Companies using company disclosures, industry and supply-chain research, and third-party financial and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue-segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when </span></div></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">meaning the issuer’s differentiated competitive position (such as market share or competitive position within the theme, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">proprietary technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(2) the asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">upside of the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">catalysts. The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">valuation. Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">potential are selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology sector, including artificial intelligence (“AI”) companies.</span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in large- and mid-capitalization companies. The Fund may also gain exposure to equity securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:275.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:302pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI </span></div>TokenMax Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information technology sector, including artificial intelligence (“AI”) companies. Shareholders of the Fund, as with all funds, are subject to the risk that their investments could lose money. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:94.09pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:397.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:462.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:527.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:550.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:584.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:521.37pt;position:var(--position);text-decoration:none;white-space:pre"> </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:706.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:167.65pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:121.25999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div>supply and demand. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div>supply and demand. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.81pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of large </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cap companies underperform securities of smaller-capitalization companies or the market as a whole. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities of large cap companies may be relatively mature compared to smaller companies and therefore subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">to slower growth during times of economic expansion. Large-capitalization companies may also be unable to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:238.3pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in mid-sized companies may involve greater risk than </span>investments in larger companies, including greater volatility, less liquidity, and less available information. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:132.85pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:530.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div>regulatory, or other developments affecting that sector than a fund with a broader range of investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:580.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:652.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:664pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:675.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:536.97pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:702.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">AI Efficiency Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:196.26pt;position:var(--position);text-decoration:none;white-space:pre"> Improvements in AI token efficiency and model compression may reduce revenue per </span></div>token for infrastructure providers, negatively impacting earnings of companies held by the Fund. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">AI Efficiency Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:196.26pt;position:var(--position);text-decoration:none;white-space:pre"> Improvements in AI token efficiency and model compression may reduce revenue per </span>token for infrastructure providers, negatively impacting earnings of companies held by the Fund. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:500.6pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:373.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:396.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:434.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:373.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:66pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:640.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:652pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:663.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:674.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.02pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:190.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:236.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:331.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:354.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:365.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:388.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:411.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:422.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:190.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:331.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:354.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:365.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:388.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:411.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:422.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:506.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:518pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:529.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:540.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:552.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:563.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:575pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:586.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:597.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:609.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:620.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:632pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:643.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:681.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:704.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:715.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:727.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:123.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:135pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:146.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital AI Substrate ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital AI Substrate ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div>Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Substrate Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.53pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines AI Substrate Companies as companies that derive at least 50% of their </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue or net income from, or that have invested at least 50% of the value of their assets in, advanced semiconductor </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">packaging and substrate technologies supporting AI computing, including companies engaged in the development, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">production, or utilization of: (i) advanced packaging platforms, including chip-on-wafer-on-substrate (CoWoS) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:659.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">integrated fan-out (InFO), and high-density advanced packaging; (ii) advanced packaging substrates including </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:670.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Ajinomoto build-up film (ABF) substrates; (iii) high bandwidth memory (HBM) stacking and integration technologies; (iv) </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:682.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">heterogeneous integration and chiplet assembly; and (v) advanced packaging equipment, chemicals, and materials </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:693.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">suppliers. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of AI Substrate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Companies using company disclosures, industry and supply-chain research, and third-party financial and revenue-</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when investing </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, meaning the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">issuer’s differentiated competitive position (such as market share or competitive position within the theme, proprietary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and (2) the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential upside of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable catalysts. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and valuation. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return potential are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.18pt;position:var(--position);text-decoration:none;white-space:pre">As of October 7, 2026, the Fund expects to have significant exposure to companies in South </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Korea and Taiwan.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the electronic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">components industry. As of October 7, 2026, the Fund expects to have significant exposure to the information </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology sector, including artificial intelligence (“AI”) companies.  </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:298pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in small and mid-capitalization companies. The Fund may also gain exposure to equity securities by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI </span></div>Substrate Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the electronic components industry. As of October 7, 2026, the Fund expects to have significant exposure to the information technology sector, including artificial intelligence (“AI”) companies. Shareholders of the Fund, as with all funds, are subject to the risk that their investments could lose money. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:94.09pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:420.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:485.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:550.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:584.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:607.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:521.37pt;position:var(--position);text-decoration:none;white-space:pre"> </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:706.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:80.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:130.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:141.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:153.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:706.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:141.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:153.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:121.25999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Electronic Components Industry Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:288.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre">The electronic components industry is highly competitive and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">influenced by rapid technological change, cyclical demand, and global supply chain dependencies. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Businesses in this industry face risks from fluctuating raw material prices, shortages of critical inputs such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">as semiconductors and rare earth elements, and reliance on contract manufacturers or overseas </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">suppliers. The industry is also subject to evolving regulatory requirements, including trade restrictions, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">export controls, and environmental standards, which may increase costs or limit market access. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, shifts in consumer demand, intense pricing pressure, and the risk of product obsolescence </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">due to fast-paced innovation can adversely impact profitability. Any of these factors could materially affect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the performance and stability of companies in the industry.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Electronic Components Industry Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:288.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre">The electronic components industry is highly competitive and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">influenced by rapid technological change, cyclical demand, and global supply chain dependencies. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Businesses in this industry face risks from fluctuating raw material prices, shortages of critical inputs such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">as semiconductors and rare earth elements, and reliance on contract manufacturers or overseas </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">suppliers. The industry is also subject to evolving regulatory requirements, including trade restrictions, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">export controls, and environmental standards, which may increase costs or limit market access. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, shifts in consumer demand, intense pricing pressure, and the risk of product obsolescence </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">due to fast-paced innovation can adversely impact profitability. Any of these factors could materially affect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the performance and stability of companies in the industry.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Small- and Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:288.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in smaller and mid-sized companies may involve </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">greater risk than investments in larger companies, including greater volatility, less liquidity, and less available </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">information.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:132.85pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:564.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div>regulatory, or other developments affecting that sector than a fund with a broader range of investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:536.97pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Advanced Packaging Capacity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:277pt;position:var(--position);text-decoration:none;white-space:pre"> Advanced semiconductor packaging capacity is concentrated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">among a small number of manufacturers. Capacity constraints or yield problems could delay AI chip </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">production and reduce revenue for packaging companies.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Advanced Packaging Capacity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:277pt;position:var(--position);text-decoration:none;white-space:pre"> Advanced semiconductor packaging capacity is concentrated </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">among a small number of manufacturers. Capacity constraints or yield problems could delay AI chip </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">production and reduce revenue for packaging companies.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:138pt;position:var(--position);text-decoration:none;white-space:pre">▪</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:150pt;position:var(--position);text-decoration:none;white-space:pre">Risks Related to Investing in South Korea.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:340.88pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in Korean issuers may subject the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">Fund to risks specific to South Korea. Substantial political tensions exist between North Korea </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">and South Korea. Escalated tensions involving the two nations and the outbreak of hostilities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">between the two nations, or even the threat of an outbreak of hostilities, could have a severe </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">adverse effect on the South Korean economy. In addition, South Korea’s economic growth </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">potential has recently been on a decline because of a rapidly aging population and structural </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">problems, among other factors. The South Korean economy is heavily reliant on trading exports, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">especially to other Asian countries and the U.S., and disruptions or decreases in trade activity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">could lead to further declines. The South Korean economy’s dependence on the economies of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">Asia and the U.S. means that a reduction in spending by these economies on South Korean </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">products and services or negative changes in any of these economies may cause an adverse </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">impact on the South Korean economy and therefore, on the Fund’s investments. In addition, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">South Korea is located in a part of the world that has historically been prone to natural disasters </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">such as earthquakes, hurricanes or tsunamis, and is economically sensitive to environmental </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">events. Any such event may adversely impact South Korea’s economy or business operations of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:659.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">companies in South Korea.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:674.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:138pt;position:var(--position);text-decoration:none;white-space:pre">▪</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:150pt;position:var(--position);text-decoration:none;white-space:pre">Risks Related to Investing in Taiwan.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:316.62pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in Taiwanese issuers may subject the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">to risks specific to Taiwan. Taiwan is a small island state with few raw material resources and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">limited land area and is reliant on imports for its commodity needs. Any fluctuations or shortages </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">in the commodity markets could have a negative impact on the Taiwanese economy. Also, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">continued labor outsourcing may adversely affect the Taiwanese economy. Taiwan’s economy is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">intricately linked with economies of Asian countries that have experienced over-extensions of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">credit, frequent and pronounced currency fluctuations, currency devaluations, currency </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">repatriation, rising unemployment and fluctuations in inflation. The Taiwanese economy is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">dependent on the economies of Japan and China, as well as the United States, and negative </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">changes in their economies or a reduction in purchases by any of them of Taiwanese products </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">and services would likely have an adverse impact on the Taiwanese economy. Taiwan’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">geographic proximity to China and Taiwan’s history of political contention with China have </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">resulted in ongoing tensions with China, including the risk of war with China. These tensions may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">materially affect the Taiwanese economy and securities markets.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:150pt;position:var(--position);text-decoration:none;white-space:pre">Risks Related to Investing in South Korea.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:340.88pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in Korean issuers may subject the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">Fund to risks specific to South Korea. Substantial political tensions exist between North Korea </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">and South Korea. Escalated tensions involving the two nations and the outbreak of hostilities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">between the two nations, or even the threat of an outbreak of hostilities, could have a severe </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">adverse effect on the South Korean economy. In addition, South Korea’s economic growth </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">potential has recently been on a decline because of a rapidly aging population and structural </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">problems, among other factors. The South Korean economy is heavily reliant on trading exports, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">especially to other Asian countries and the U.S., and disruptions or decreases in trade activity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">could lead to further declines. The South Korean economy’s dependence on the economies of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">Asia and the U.S. means that a reduction in spending by these economies on South Korean </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">products and services or negative changes in any of these economies may cause an adverse </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">impact on the South Korean economy and therefore, on the Fund’s investments. In addition, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">South Korea is located in a part of the world that has historically been prone to natural disasters </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">such as earthquakes, hurricanes or tsunamis, and is economically sensitive to environmental </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">events. Any such event may adversely impact South Korea’s economy or business operations of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:659.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">companies in South Korea.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:150pt;position:var(--position);text-decoration:none;white-space:pre">Risks Related to Investing in Taiwan.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:316.62pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in Taiwanese issuers may subject the Fund </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">to risks specific to Taiwan. Taiwan is a small island state with few raw material resources and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">limited land area and is reliant on imports for its commodity needs. Any fluctuations or shortages </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">in the commodity markets could have a negative impact on the Taiwanese economy. Also, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">continued labor outsourcing may adversely affect the Taiwanese economy. Taiwan’s economy is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">intricately linked with economies of Asian countries that have experienced over-extensions of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">credit, frequent and pronounced currency fluctuations, currency devaluations, currency </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">repatriation, rising unemployment and fluctuations in inflation. The Taiwanese economy is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">dependent on the economies of Japan and China, as well as the United States, and negative </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">changes in their economies or a reduction in purchases by any of them of Taiwanese products </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">and services would likely have an adverse impact on the Taiwanese economy. Taiwan’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">geographic proximity to China and Taiwan’s history of political contention with China have </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">resulted in ongoing tensions with China, including the risk of war with China. These tensions may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150pt;position:var(--position);text-decoration:none;white-space:pre">materially affect the Taiwanese economy and securities markets.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:373.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:396.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:419.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:430.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.02pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:446.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:457.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:469pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:480.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:491.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:503.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:514.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:537.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:548.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:571.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:594.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:605.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:628.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:655.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:666.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:689.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:701pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:712.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:723.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:457.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:469pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:480.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:491.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:503.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:514.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:537.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:548.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:571.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:594.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:605.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:655.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:666.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:689.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:701pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:712.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:723.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:331.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:354.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:519.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150.35pt;position:var(--position);text-decoration:none;white-space:pre"> Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:530.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:542pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital AI Test Equipment ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital AI Test Equipment ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund's operating expenses remain the same.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI Test </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Equipment Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:158.29000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines AI Test Equipment Companies as companies that derive at least 50% of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">their revenue or net income from, or that have invested at least 50% of the value of their assets in, semiconductor test </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and measurement equipment for AI chip production, including companies </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:363.17pt;position:var(--position);text-decoration:none;white-space:pre">engaged in the development, production, or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">utilization of:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:106.74000000000001pt;position:var(--position);text-decoration:none;white-space:pre"> (i) automated test equipment (ATE), such as manufacturers that produce chip testers for AI </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:492.1pt;position:var(--position);text-decoration:none;white-space:pre">graphics </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">processing units (GPUs)</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:156.87pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:177.97pt;position:var(--position);text-decoration:none;white-space:pre">application-specific integrated circuits (ASICs)</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:371.04pt;position:var(--position);text-decoration:none;white-space:pre">; (ii) probe cards; (iii) burn-in and reliability </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">test equipment; (iv) optical inspection and metrology equipment; and (v) test handlers and contactors.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:687.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of AI Test </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Equipment Companies using company disclosures, industry and supply-chain research, and third-party financial and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:710.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue-segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">meaning the issuer’s differentiated competitive position (such as market share or competitive position within the theme, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">proprietary technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(2) the asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">upside of the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">catalysts. The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">valuation. Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">potential are selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology sector, including artificial intelligence (“AI”) companies. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:252.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in small- and mid-capitalization companies. The Fund may also gain exposure to equity securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:275.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI Test </span></div>Equipment Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information technology sector, including artificial intelligence (“AI”) companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:334.12pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Fund, as with all funds, are </span>subject to the risk that their investments could lose money. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:94.09pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:359.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:386pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:451pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:527.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:550.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:615.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:710.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:80.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:167.65pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:121.25999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Small- and Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:288.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in smaller and mid-sized companies may involve </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">greater risk than investments in larger companies, including greater volatility, less liquidity, and less available </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">information.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:132.85pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:458.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div>regulatory, or other developments affecting that sector than a fund with a broader range of investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:496.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:507.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:519.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:530.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:542pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:580.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:536.97pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:629.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Cyclicality Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:257.97pt;position:var(--position);text-decoration:none;white-space:pre"> The semiconductor test equipment industry is highly cyclical, with </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:641.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">revenue closely linked to semiconductor capital expenditure cycles. A downturn in AI chip production or a </span></div>shift in architecture could adversely affect companies held by the Fund. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Cyclicality Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:257.97pt;position:var(--position);text-decoration:none;white-space:pre"> The semiconductor test equipment industry is highly cyclical, with </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:641.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">revenue closely linked to semiconductor capital expenditure cycles. A downturn in AI chip production or a </span></div>shift in architecture could adversely affect companies held by the Fund. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:679.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:702.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:500.6pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:373.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:434.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:507.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:518.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:530pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:541.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:507.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:518.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:530pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:541.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:659.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.02pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:674.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:331.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:354.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:365.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:331.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:354.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:365.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:506.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:518pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:529.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:540.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:552.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:563.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:575pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:586.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:624.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:647.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:670.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:681.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:81.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:104.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital AI Capacitor ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital AI Capacitor ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div>Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.79pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:612.43pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Capacitor Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.54000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines AI Capacitor Companies as companies that derive at least 50% of their </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:623.07pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue or net income from, or that have invested at least 50% of the value of their assets in, passive capacitors for AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:633.71pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">computing hardware, including companies engaged in the development, production, utilization, or manufacturing of: (i) </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">multilayer ceramic capacitors (MLCCs) used in AI </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:263.94pt;position:var(--position);text-decoration:none;white-space:pre">graphics processing unit (GPU)</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:395.83pt;position:var(--position);text-decoration:none;white-space:pre"> circuit boards; (ii) tantalum capacitors </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:654.99pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">for high-reliability AI server applications; (iii) aluminum electrolytic capacitors for AI data center power systems; and (iv) </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:665.63pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">film capacitors for power conversion in AI data centers. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:680.27pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of AI Capacitor </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:691.67pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Companies using company disclosures, industry and supply-chain research, and third-party financial and revenue-</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:703.07pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when investing </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:714.47pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, meaning the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:725.87pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">issuer’s differentiated competitive position (such as market share or competitive position within the theme, proprietary </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and (2) the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential upside of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable catalysts. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and valuation. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return potential are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) the securities of companies in the electronic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">components industry. As of October 7, 2026, the Fund expects to have significant exposure to the information </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology sector, including artificial intelligence (“AI”) companies. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in small- and mid-capitalization companies. The Fund may also gain exposure to equity securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:241pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:252.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:279.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.79pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI </span></div>Capacitor Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) the securities of companies in the electronic components industry. As of October 7, 2026, the Fund expects to have significant exposure to the information technology sector, including artificial intelligence (“AI”) companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:334.12pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Fund, as with all funds, are </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that their investments could lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:94.09pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:374.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:439.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:504.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:527.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:550.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:615.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:699pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:710.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:80.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:615.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:710.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Electronic Components Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:285.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> The electronic components industry is highly competitive and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">influenced by rapid technological change, cyclical demand, and global supply chain dependencies. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Businesses in this industry face risks from fluctuating raw material prices, shortages of critical inputs such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">as semiconductors and rare earth elements, and reliance on contract manufacturers or overseas </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">suppliers. The industry is also subject to evolving regulatory requirements, including trade restrictions, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">export controls, and environmental standards, which may increase costs or limit market access. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, shifts in consumer demand, intense pricing pressure, and the risk of product obsolescence </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">due to fast-paced innovation can adversely impact profitability. Any of these factors could materially affect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the performance and stability of companies in the industry.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Electronic Components Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:285.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> The electronic components industry is highly competitive and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">influenced by rapid technological change, cyclical demand, and global supply chain dependencies. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Businesses in this industry face risks from fluctuating raw material prices, shortages of critical inputs such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">as semiconductors and rare earth elements, and reliance on contract manufacturers or overseas </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">suppliers. The industry is also subject to evolving regulatory requirements, including trade restrictions, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">export controls, and environmental standards, which may increase costs or limit market access. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, shifts in consumer demand, intense pricing pressure, and the risk of product obsolescence </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">due to fast-paced innovation can adversely impact profitability. Any of these factors could materially affect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the performance and stability of companies in the industry.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Small- and Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:288.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in smaller and mid-sized companies may involve </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">greater risk than investments in larger companies, including greater volatility, less liquidity, and less available </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">information.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:132.85pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:515.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div>regulatory, or other developments affecting that sector than a fund with a broader range of investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:553.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:564.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:576.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:587.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Passive Components Cyclicality Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:287.52pt;position:var(--position);text-decoration:none;white-space:pre">The passive electronic components industry is cyclical. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Oversupply of MLCCs has historically led to significant price declines. If AI hardware build-out slows, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">demand and pricing for capacitors may decline.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Passive Components Cyclicality Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:287.52pt;position:var(--position);text-decoration:none;white-space:pre">The passive electronic components industry is cyclical. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Oversupply of MLCCs has historically led to significant price declines. If AI hardware build-out slows, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">demand and pricing for capacitors may decline.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:373.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:396.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:434.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:373.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:640.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:652pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:663.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:674.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:190.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:236.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:331.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:354.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:365.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:388.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:411.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:422.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:190.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:331.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:354.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:365.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:388.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:411.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:422.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:506.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:518pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:529.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:540.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:552.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:563.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:575pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:586.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:597.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:609.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:620.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:632pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:643.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:681.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:704.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:715.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:727.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:123.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:135pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:146.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital Robotic Perception ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital Robotic Perception ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund's operating expenses remain the same.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “Robotic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Perception Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:158.29000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines Robotic Perception Companies as companies that derive at least 50% of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">their revenue or net income from, or that have invested at least 50% of the value of their assets in, AI-enabled </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">perception hardware for autonomous systems, industrial robotics, and physical AI applications, including companies </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">engaged in the development, production, or utilization of:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:292.45pt;position:var(--position);text-decoration:none;white-space:pre"> (i) advanced camera systems and vision sensors for machine </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">vision, autonomous vehicles, and humanoid robots; (ii) Light Detection and Ranging (LiDAR) sensors for autonomous </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">driving, mapping, and robotics; (iii) radar systems for automotive and industrial sensing; (iv) machine vision software </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and processing platforms; and (v) perception AI semiconductor chips including </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:384.79pt;position:var(--position);text-decoration:none;white-space:pre">neural processing units (NPUs)</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:516.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre"> for edge-</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:694.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">based sensor fusion.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:505.34pt;position:var(--position);text-decoration:none;white-space:pre">Robotic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Perception</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:99.38pt;position:var(--position);text-decoration:none;white-space:pre"> Companies using company disclosures, industry and supply-chain research, and third-party financial and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue-segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">meaning the issuer’s differentiated competitive position (such as market share or competitive position within the theme, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">proprietary technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(2) the asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">upside of the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">catalysts. The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">valuation. Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">potential are selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the electronic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">equipment &amp; instruments industry. As of October 7, 2026, the Fund expects to have significant exposure to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">industrials and information technology sectors, including artificial intelligence (“AI”) companies. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:298pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in large- and mid-capitalization companies. The Fund may also gain exposure to equity securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:336.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “Robotic </span></div>Perception Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the electronic equipment & instruments industry. As of October 7, 2026, the Fund expects to have significant exposure to the industrials and information technology sectors, including artificial intelligence (“AI”) companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:334.12pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Fund, as with all funds, are </span>subject to the risk that their investments could lose money. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:94.09pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:431.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:443pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:496.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:508pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:481.9pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:584.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:607.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:618.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:706.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:717.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:80.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:130.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:141.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:153.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:706.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:717.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:141.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:153.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Electronic Equipment &amp; Instruments Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:343.37pt;position:var(--position);text-decoration:none;white-space:pre"> Companies that manufacture electronic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">equipment and instruments, including analytical, electronic test and measurement instruments, scanner </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and barcode products, lasers, display screens, point-of-sales machines and security system equipment, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are subject to risks associated with intense competition and rapid product obsolescence. The industry is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">also subject to evolving regulatory requirements and environmental standards, which may increase costs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">or limit market access. These companies may also be negatively impacted by geopolitical tensions, such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">as trade wars, sanctions, and export controls, which can disrupt the flow of critical components, raw </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">materials, and advanced technologies. Such disruptions may lead to shortages, longer lead times, and </span></div>increased costs. Geopolitical events can also destabilize key manufacturing regions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Electronic Equipment &amp; Instruments Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:343.37pt;position:var(--position);text-decoration:none;white-space:pre"> Companies that manufacture electronic </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">equipment and instruments, including analytical, electronic test and measurement instruments, scanner </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and barcode products, lasers, display screens, point-of-sales machines and security system equipment, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are subject to risks associated with intense competition and rapid product obsolescence. The industry is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">also subject to evolving regulatory requirements and environmental standards, which may increase costs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">or limit market access. These companies may also be negatively impacted by geopolitical tensions, such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">as trade wars, sanctions, and export controls, which can disrupt the flow of critical components, raw </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">materials, and advanced technologies. Such disruptions may lead to shortages, longer lead times, and </span></div>increased costs. Geopolitical events can also destabilize key manufacturing regions. <div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.81pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of large </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cap companies underperform securities of smaller-capitalization companies or the market as a whole. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities of large cap companies may be relatively mature compared to smaller companies and therefore subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">to slower growth during times of economic expansion. Large-capitalization companies may also be unable to </span></div></div><div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:238.3pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in mid-sized companies may involve greater risk than </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments in larger companies, including greater volatility, less liquidity, and less available information.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:135.48pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">regulatory, or other developments affecting that sector than a fund with a broader range of investments.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Industrials Sector Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.09pt;position:var(--position);text-decoration:none;white-space:pre">The industrials sector can be significantly affected by, among other things, worldwide </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:652.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">economic growth, supply and demand for specific products and services, rapid technological developments, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:664pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">international political and economic developments, environmental issues, tariffs and trade barriers, and tax and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:675.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">governmental regulatory policies. As the demand for, or prices of, industrials increase, the value of the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industrials generally would be expected to contribute to declines in the value of such securities. Such declines </span></div>may occur quickly and without warning and may negatively impact the value of the Fund and your investment. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:536.97pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Robotic Perception Companies Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:282.75pt;position:var(--position);text-decoration:none;white-space:pre">Robotics Perception Companies operate in rapidly evolving </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets dependent on the adoption of robotics technologies, which may not develop as expected. Their </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">performance is sensitive to capital spending cycles in industrial end markets, making them vulnerable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economic downturns. Robotics Perception Companies also rely on complex global supply chains, which </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be disrupted by shortages, geopolitical events, or cost increases. Robotics Perception Companies </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">face risks related to technological change, competition, product defects, system failures, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">cybersecurity. They may also be subject to future regulatory, safety, and product liability risks.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Autonomous Systems Regulatory Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:291.74pt;position:var(--position);text-decoration:none;white-space:pre"> Many companies serve autonomous vehicle and drone </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, which are subject to evolving federal and state regulation. Delays in regulatory approval for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">autonomous systems could slow revenue growth.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">LiDAR Technology Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre"> The LiDAR sensor market has seen significant price compression. Companies </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">unable to achieve competitive cost structures may lose market share to lower-cost competitors or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">camera-only systems.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Robotic Perception Companies Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:282.75pt;position:var(--position);text-decoration:none;white-space:pre">Robotics Perception Companies operate in rapidly evolving </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets dependent on the adoption of robotics technologies, which may not develop as expected. Their </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">performance is sensitive to capital spending cycles in industrial end markets, making them vulnerable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economic downturns. Robotics Perception Companies also rely on complex global supply chains, which </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be disrupted by shortages, geopolitical events, or cost increases. Robotics Perception Companies </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">face risks related to technological change, competition, product defects, system failures, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">cybersecurity. They may also be subject to future regulatory, safety, and product liability risks.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Autonomous Systems Regulatory Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:291.74pt;position:var(--position);text-decoration:none;white-space:pre"> Many companies serve autonomous vehicle and drone </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, which are subject to evolving federal and state regulation. Delays in regulatory approval for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">autonomous systems could slow revenue growth.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">LiDAR Technology Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre"> The LiDAR sensor market has seen significant price compression. Companies </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">unable to achieve competitive cost structures may lose market share to lower-cost competitors or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">camera-only systems.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:431.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:454.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:606.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:629.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:701.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:153.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:606.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:434.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:446.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:457.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:469pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:480.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:491.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:503.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:514.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:537.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:548.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:575.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:587pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:598.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:609.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:621.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:632.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:655.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:666.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:689.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:701pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:712.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:723.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:434.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:446.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:457.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:469pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:480.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:491.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:503.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:514.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:537.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:548.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:587pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:598.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:609.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:621.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:632.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:655.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:666.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:689.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:701pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:712.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:723.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:462.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital AI Thermal Management ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital AI Thermal Management ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund's operating expenses remain the same.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI Thermal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Management Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:168.32pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines AI Thermal Management Companies as companies that derive at least </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">50% of their revenue or net income from, or that have invested at least 50% of the value of their assets in, liquid cooling </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology for AI data centers, including companies </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:273.47pt;position:var(--position);text-decoration:none;white-space:pre">engaged in the development, production, or utilization of:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:511.92pt;position:var(--position);text-decoration:none;white-space:pre"> (i) coolant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">distribution units (CDUs) and rack-level liquid cooling; (ii) cold plates and direct-to-chip liquid cooling hardware; (iii) rear-</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">door heat exchangers; (iv) immersion cooling systems; and (v) thermal interface materials, pumps, and related </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">components.</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:687.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:504.82pt;position:var(--position);text-decoration:none;white-space:pre">AI Thermal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Management</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:109.41pt;position:var(--position);text-decoration:none;white-space:pre"> Companies using company disclosures, industry and supply-chain research, and third-party financial and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:710.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue-segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, </span></div></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">meaning the issuer’s differentiated competitive position (such as market share or competitive position within the theme, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">proprietary technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(2) the asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">upside of the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">catalysts. The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">valuation. Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">potential are selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the electrical </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">equipment and building products industries. As of October 7, 2026, the Fund expects to have significant exposure to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">industrials and information technology sectors, including artificial intelligence (“AI”) companies. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:252.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in large-capitalization companies. The Fund may also gain exposure to equity securities by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:275.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI Thermal </span></div>Management Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the electrical equipment and building products industries. As of October 7, 2026, the Fund expects to have significant exposure to the industrials and information technology sectors, including artificial intelligence (“AI”) companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:334.12pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Fund, as with all funds, are </span>subject to the risk that their investments could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any <div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:359.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:386pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:451pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:527.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:550.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:615.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:258.49pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:710.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:80.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Building Products Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:261.1pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the building products industry are affected by supply </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and demand both for their specific products and/or services as well as overall capital spending levels, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which are influenced by an individual company’s profitability. These companies are also impacted by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">broader factors such as interest rates, commodity prices, technical obsolescence, government regulation, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">import controls and worldwide competition. Companies in the building products industry can also be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">adversely affected by liability for environmental damage, depletion of resources, and mandated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">expenditures for safety and pollution control.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Electrical Equipment Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:273.24pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the electrical equipment industry can be significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">affected by general economic trends, including employment, economic growth, interest rates, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in commodity prices. Electrical equipment companies are subject to the risks of technical </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obsolescence, and their profitability may be affected by government regulation and spending, import </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">controls and worldwide competition. Companies in these industries also can be adversely affected by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">liability for environmental damage, depletion of resources, and mandated expenditures for safety and </span></div>pollution control. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Building Products Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:261.1pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the building products industry are affected by supply </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and demand both for their specific products and/or services as well as overall capital spending levels, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which are influenced by an individual company’s profitability. These companies are also impacted by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">broader factors such as interest rates, commodity prices, technical obsolescence, government regulation, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">import controls and worldwide competition. Companies in the building products industry can also be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">adversely affected by liability for environmental damage, depletion of resources, and mandated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">expenditures for safety and pollution control.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Electrical Equipment Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:273.24pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the electrical equipment industry can be significantly </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">affected by general economic trends, including employment, economic growth, interest rates, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in commodity prices. Electrical equipment companies are subject to the risks of technical </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obsolescence, and their profitability may be affected by government regulation and spending, import </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">controls and worldwide competition. Companies in these industries also can be adversely affected by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">liability for environmental damage, depletion of resources, and mandated expenditures for safety and </span></div>pollution control. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.81pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of large </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cap companies underperform securities of smaller-capitalization companies or the market as a whole. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities of large cap companies may be relatively mature compared to smaller companies and therefore subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">to slower growth during times of economic expansion. Large-capitalization companies may also be unable to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:135.48pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:610.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">regulatory, or other developments affecting that sector than a fund with a broader range of investments.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Industrials Sector Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:183.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The industrials sector can be significantly affected by, among other things, worldwide </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">economic growth, supply and demand for specific products and services, rapid technological developments, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">international political and economic developments, environmental issues, tariffs and trade barriers, and tax and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">governmental regulatory policies. As the demand for, or prices of, industrials increase, the value of the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:682.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industrials generally would be expected to contribute to declines in the value of such securities. Such declines </span></div>may occur quickly and without warning and may negatively impact the value of the Fund and your investment. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Data Center Infrastructure Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:256.91999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> A slowdown in AI data center construction or a reduction in AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">infrastructure spending by hyperscalers could reduce demand for liquid cooling solutions.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Technology Substitution Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:250.56pt;position:var(--position);text-decoration:none;white-space:pre"> Alternative cooling technologies or future chip architectures that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generate less heat could reduce demand for liquid cooling hardware.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Data Center Infrastructure Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:256.91999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> A slowdown in AI data center construction or a reduction in AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">infrastructure spending by hyperscalers could reduce demand for liquid cooling solutions.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Technology Substitution Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:250.56pt;position:var(--position);text-decoration:none;white-space:pre"> Alternative cooling technologies or future chip architectures that </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generate less heat could reduce demand for liquid cooling hardware.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:241pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:252.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:302pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:313.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:336.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:359pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:500.6pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:431.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:454.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:515.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:549.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:587.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:610.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:454.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:549.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:430.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:442.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:476.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:487.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:510.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:567.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:442.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:476.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:487.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:510.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:567.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:640pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:651.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:662.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:674.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:685.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:708.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:719.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:310pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150.35pt;position:var(--position);text-decoration:none;white-space:pre"> Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:321.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital AI Memory Wall ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital AI Memory Wall ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund's operating expenses remain the same.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI Memory </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Wall Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:131.01999999999998pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines AI Memory Wall Companies as companies that derive at least 50% of their </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue or net income from, or that have invested at least 50% of the value of their assets in, technologies addressing </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the imbalance between AI processor compute speed and available memory bandwidth, including companies </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:509.88pt;position:var(--position);text-decoration:none;white-space:pre">engaged in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the development, production, or utilization of:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.84pt;position:var(--position);text-decoration:none;white-space:pre"> (i) high-bandwidth memory (HBM) design and manufacturing; (ii) compute </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">express link (CXL) memory disaggregation and pooling solutions; (iii) near-memory and in-memory compute </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">architectures; (iv) memory controller and memory interface semiconductor IP; and (v) advanced memory packaging and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">3D integration technologies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:504.82pt;position:var(--position);text-decoration:none;white-space:pre">AI Memory </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:710.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Wall</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:72.11pt;position:var(--position);text-decoration:none;white-space:pre"> Companies using company disclosures, industry and supply-chain research, and third-party financial and revenue-</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when investing </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, meaning the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">issuer’s differentiated competitive position (such as market share or competitive position within the theme, proprietary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and (2) the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential upside of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable catalysts. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and valuation. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return potential are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology sector, including artificial intelligence companies (“AI”) companies. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in the equity securities of mid-, and large-capitalization companies. The Fund may also gain </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">exposure to equity securities by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:275.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:302pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI Memory </span></div>Wall Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information technology sector, including artificial intelligence companies (“AI”) companies. Shareholders of the Fund, as with all funds, are <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that their investments could lose money.</span> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any <div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:397.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:462.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:527.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:550.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:584.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:706.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.81pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of large </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cap companies underperform securities of smaller-capitalization companies or the market as a whole. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities of large cap companies may be relatively mature compared to smaller companies and therefore subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">to slower growth during times of economic expansion. Large-capitalization companies may also be unable to </span></div></div><div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Small- and Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:288.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in smaller and mid-sized companies may involve </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">greater risk than investments in larger companies, including greater volatility, less liquidity, and less available </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">information.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:132.85pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:542pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div>regulatory, or other developments affecting that sector than a fund with a broader range of investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:580.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:664pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:675.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">HBM Yield and Capacity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.95pt;position:var(--position);text-decoration:none;white-space:pre"> High-bandwidth memory is produced by a small number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">manufacturers and requires complex stacking processes with challenging yield characteristics. Yield </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">problems or production ramp delays could cause supply shortfalls.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Memory Market Cyclicality Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:261.14pt;position:var(--position);text-decoration:none;white-space:pre">The DRAM and HBM memory markets are highly cyclical. A slowdown </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">in AI accelerator shipments could reduce demand for HBM and adversely affect the Fund.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">HBM Yield and Capacity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.95pt;position:var(--position);text-decoration:none;white-space:pre"> High-bandwidth memory is produced by a small number of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">manufacturers and requires complex stacking processes with challenging yield characteristics. Yield </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">problems or production ramp delays could cause supply shortfalls.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Memory Market Cyclicality Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:261.14pt;position:var(--position);text-decoration:none;white-space:pre">The DRAM and HBM memory markets are highly cyclical. A slowdown </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">in AI accelerator shipments could reduce demand for HBM and adversely affect the Fund.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:130.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:141.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:153.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:191.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:515.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:549.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:576.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:587.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:610.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:621.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:633.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:549.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:587.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:610.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:621.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:633.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:705.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:717pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:728.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:567.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:624.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:647.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:670.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:681.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:704.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:203.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital On-Device AI ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital On-Device AI ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund's operating expenses remain the same.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “On-Device </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">AI Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:121.87pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines On-Device AI Companies as companies that derive at least 50% of their revenue or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">net income from, or that have invested at least 50% of the value of their assets in, the consumer AI device upgrade </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">cycle, including companies </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:169.56pt;position:var(--position);text-decoration:none;white-space:pre">engaged in the development, production, or utilization of:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:408.01pt;position:var(--position);text-decoration:none;white-space:pre"> (i) AI-capable application </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">processors and SoCs for smartphones and wearables; (ii) AI-enhanced PC processors with integrated </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:483.96pt;position:var(--position);text-decoration:none;white-space:pre">neural </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">processing units (NPUs)</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:156.35pt;position:var(--position);text-decoration:none;white-space:pre">; (iii) dynamic random-access memory (DRAM) and flash memory suppliers benefiting from </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">increased memory requirements; (iv) printed circuit board (PCB) and component suppliers for consumer electronics; </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and (v) consumer electronics brands and platform companies driving device upgrade cycles through AI software </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:694.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">features.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:710.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:505.34pt;position:var(--position);text-decoration:none;white-space:pre">On-Device </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">AI</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:62.96pt;position:var(--position);text-decoration:none;white-space:pre"> Companies using company disclosures, industry and supply-chain research, and third-party financial and revenue-</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when investing </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, meaning the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">issuer’s differentiated competitive position (such as market share or competitive position within the theme, proprietary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and (2) the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential upside of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable catalysts. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and valuation. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return potential are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.</span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in securities listed on U.S. exchanges, including American depositary receipts (“ADRs”), as well as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">foreign securities listed on exchanges in developed and emerging markets outside of the United States.</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology sector, including artificial intelligence (“AI”) companies.</span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:275.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in large- and mid-capitalization companies. The Fund may also gain exposure to equity securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:302pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “On-Device </span></div>AI Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information technology sector, including artificial intelligence (“AI”) companies. Shareholders of the Fund, as with all funds, are <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that their investments could lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:94.09pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:397.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:462.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:527.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:550.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:584.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:706.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.81pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of large </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cap companies underperform securities of smaller-capitalization companies or the market as a whole. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities of large cap companies may be relatively mature compared to smaller companies and therefore subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">to slower growth during times of economic expansion. Large-capitalization companies may also be unable to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:238.3pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in mid-sized companies may involve greater risk than </span>investments in larger companies, including greater volatility, less liquidity, and less available information. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:135.48pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:530.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:542pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">regulatory, or other developments affecting that sector than a fund with a broader range of investments.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:580.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:652.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:664pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:675.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:702.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Consumer Electronics Cyclicality Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:289.62pt;position:var(--position);text-decoration:none;white-space:pre"> Consumer electronics demand fluctuates with economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions and consumer confidence. A consumer spending slowdown could delay the AI device upgrade </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:725pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">cycle.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Feature Adoption Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:220.51pt;position:var(--position);text-decoration:none;white-space:pre">Consumer willingness to upgrade devices specifically for AI features is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">uncertain. If AI features do not drive meaningful incremental device sales, the upgrade cycle may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">slower than anticipated.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Consumer Electronics Cyclicality Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:289.62pt;position:var(--position);text-decoration:none;white-space:pre"> Consumer electronics demand fluctuates with economic </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions and consumer confidence. A consumer spending slowdown could delay the AI device upgrade </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:725pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">cycle.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Feature Adoption Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:220.51pt;position:var(--position);text-decoration:none;white-space:pre">Consumer willingness to upgrade devices specifically for AI features is </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">uncertain. If AI features do not drive meaningful incremental device sales, the upgrade cycle may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">slower than anticipated.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:434.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:549.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:606.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:629.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:640.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:606.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:629.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:640.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:701.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:724.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:510.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:567.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:624.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:647.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:670.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:681.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:719.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:169.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:180.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital AI DC Power Architecture ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital AI DC Power Architecture ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund's operating expenses remain the same.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.07pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI DC </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:612.99pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Power Architecture Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.57pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines AI DC Power Architecture Companies as companies that derive at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:623.91pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">least 50% of their revenue or net income from, or that have invested at least 50% of the value of their assets in, high-</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:634.83pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">voltage DC power distribution architecture for AI data centers, including companies </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:403.75pt;position:var(--position);text-decoration:none;white-space:pre">engaged in the development, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:645.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">production, or utilization of:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:167.4pt;position:var(--position);text-decoration:none;white-space:pre"> (i) voltage regulators and power conversion modules for high-voltage DC distribution; (ii) </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656.67pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">intelligent power distribution units (PDUs) and busways for AI rack power delivery; (iii) uninterruptible power supply </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.59pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(UPS) systems and battery energy storage for AI data centers; (iv) power management integrated circuits (PMICs) for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.51pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">graphics processing units (GPUs)</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:195.39pt;position:var(--position);text-decoration:none;white-space:pre"> and server board applications; and (v) switchgear, transformers, and electrical </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:689.43pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">distribution equipment for AI facilities. </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:711.27pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:504.82pt;position:var(--position);text-decoration:none;white-space:pre">AI DC </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:722.19pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Power Architecture</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:133.66pt;position:var(--position);text-decoration:none;white-space:pre"> Companies using company disclosures, industry and supply-chain research, and third-party financial </span></div></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and revenue-segment data. From within that eligible universe, the Adviser uses its proprietary investment framework </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:64.92pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">when investing on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:75.84pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">meaning the issuer’s differentiated competitive position (such as market share or competitive position within the theme, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:86.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">proprietary technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:97.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(2) the asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:108.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">upside of the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:119.52pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">catalysts. The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:130.44pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">valuation. Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:141.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">potential are selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:167.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.</span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.48pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in securities listed on U.S. exchanges, including American depositary receipts (“ADRs”), as well as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:205.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">foreign securities listed on exchanges in developed and emerging markets outside of the United States.</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the electrical </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:232.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">equipment and semiconductors industries. As of October 7, 2026, the Fund expects to have significant exposure to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">industrials and information technology sectors, including artificial intelligence (“AI”) companies. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.48pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:270.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in the equity securities of large- and mid-capitalization companies. The Fund may also gain </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">exposure to equity securities by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.07pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI DC </span></div>Power Architecture Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the electrical equipment and semiconductors industries. As of October 7, 2026, the Fund expects to have significant exposure to the industrials and information technology sectors, including artificial intelligence (“AI”) companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:334.12pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Fund, as with all funds, are </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that their investments could lose money.</span> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any <div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:458.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:523.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534.48pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:557.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:580.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:622.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:633.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:645.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656.48pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:679.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:702.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:717.48pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:728.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:80.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:633.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:645.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656.48pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:679.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:728.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Electrical Equipment Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:273.24pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the electrical equipment industry can be significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">affected by general economic trends, including employment, economic growth, interest rates, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in commodity prices. Electrical equipment companies are subject to the risks of technical </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obsolescence, and their profitability may be affected by government regulation and spending, import </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">controls and worldwide competition. Companies in these industries also can be adversely affected by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">liability for environmental damage, depletion of resources, and mandated expenditures for safety and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">pollution control. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Electrical Equipment Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:273.24pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the electrical equipment industry can be significantly </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">affected by general economic trends, including employment, economic growth, interest rates, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in commodity prices. Electrical equipment companies are subject to the risks of technical </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obsolescence, and their profitability may be affected by government regulation and spending, import </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">controls and worldwide competition. Companies in these industries also can be adversely affected by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">liability for environmental damage, depletion of resources, and mandated expenditures for safety and </span></div>pollution control. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.81pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of large </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cap companies underperform securities of smaller-capitalization companies or the market as a whole. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities of large cap companies may be relatively mature compared to smaller companies and therefore subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">to slower growth during times of economic expansion. Large-capitalization companies may also be unable to </span></div></div><div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:238.3pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in mid-sized companies may involve greater risk than </span>investments in larger companies, including greater volatility, less liquidity, and less available information. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:135.48pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">regulatory, or other developments affecting that sector than a fund with a broader range of investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Industrials Sector Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:183.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The industrials sector can be significantly affected by, among other things, worldwide </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:629.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">economic growth, supply and demand for specific products and services, rapid technological developments, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:641.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">international political and economic developments, environmental issues, tariffs and trade barriers, and tax and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:652.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">governmental regulatory policies. As the demand for, or prices of, industrials increase, the value of the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:664pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:675.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industrials generally would be expected to contribute to declines in the value of such securities. Such declines </span></div>may occur quickly and without warning and may negatively impact the value of the Fund and your investment. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:725pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Energy Policy Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:202.07pt;position:var(--position);text-decoration:none;white-space:pre"> AI data centers are major consumers of electrical power and are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increasing regulatory attention. Restrictions on data center power consumption could affect the growth </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trajectory of AI infrastructure.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Technology Transition Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:241.07999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The transition to 800V DC architecture requires significant re-engineering </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">of power distribution systems. Delays in adoption or competing power architectures could reduce the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">revenue opportunity for companies targeting this market.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Energy Policy Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:202.07pt;position:var(--position);text-decoration:none;white-space:pre"> AI data centers are major consumers of electrical power and are subject to </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increasing regulatory attention. Restrictions on data center power consumption could affect the growth </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trajectory of AI infrastructure.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Technology Transition Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:241.07999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The transition to 800V DC architecture requires significant re-engineering </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">of power distribution systems. Delays in adoption or competing power architectures could reduce the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">revenue opportunity for companies targeting this market.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:252.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:275.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:313.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:336.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:359pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:454.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:549.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:610.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:621.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:682.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:454.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:549.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:610.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:442.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:476.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:487.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:510.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:567.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:476.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:487.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:510.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:567.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:651.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:662.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:674.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:685.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:708.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:719.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:321.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:344.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital AI Network Fabric ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital AI Network Fabric ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund's operating expenses remain the same.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.07pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI Network </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:612.99pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fabric Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:139.29000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines AI Network Fabric Companies as companies that derive at least 50% of their </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:623.91pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue or net income from, or that have invested at least 50% of the value of their assets in, high-bandwidth, low-</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:634.83pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">latency AI cluster networking infrastructure, including companies </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:326.21pt;position:var(--position);text-decoration:none;white-space:pre">engaged in the development, production, or utilization </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:645.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:64.53999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> (i) Ethernet-based AI networking switch silicon; (ii) high-speed </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:328.81pt;position:var(--position);text-decoration:none;white-space:pre">network interface cards (NICs)</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:456.98pt;position:var(--position);text-decoration:none;white-space:pre"> and smart NICs and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656.67pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">data processing units (DPUs) for AI server connectivity; (iii) direct attach copper (DAC) and active optical cables (AOC) </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.59pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">for </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:67.7pt;position:var(--position);text-decoration:none;white-space:pre">graphics processing unit (GPU)</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:199.59pt;position:var(--position);text-decoration:none;white-space:pre"> connections; (iv) optical transceivers for AI cluster inter-switch links; and (v) AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.51pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">networking software and management platforms. </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:700.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:504.82pt;position:var(--position);text-decoration:none;white-space:pre">AI Network </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:711.27pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fabric </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:83.01pt;position:var(--position);text-decoration:none;white-space:pre">Companies using company disclosures, industry and supply-chain research, and third-party financial and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:722.19pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue-segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when </span></div></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:64.92pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">meaning the issuer’s differentiated competitive position (such as market share or competitive position within the theme, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:75.84pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">proprietary technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:86.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(2) the asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:97.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">upside of the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:108.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">catalysts. The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:119.52pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">valuation. Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:130.44pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">potential are selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">technology sector, including artificial intelligence (“AI”) companies </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in large- and mid-capitalization companies. The Fund may also gain exposure to equity securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:298.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.07pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI Network </span></div>Fabric Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information technology sector, including artificial intelligence (“AI”) companies Shareholders of the Fund, as with all funds, are <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that their investments could lose money.</span> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any <div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:458.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:523.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:546.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:557.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:569.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:580.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:622.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:634.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:645.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:668.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:679.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:691.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:702.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:634.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:645.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:668.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:679.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:691.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:248.47pt;position:var(--position);text-decoration:none;white-space:pre"> Companies in the semiconductor industry are subject to significant </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">competitive pressure, including rapid technological change, high capital requirements, and the risk that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">their products may become obsolete. Semiconductor industry revenue is subject to cyclical fluctuations in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">supply and demand.</span></div> <div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.81pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of large </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cap companies underperform securities of smaller-capitalization companies or the market as a whole. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities of large cap companies may be relatively mature compared to smaller companies and therefore subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">to slower growth during times of economic expansion. Large-capitalization companies may also be unable to </span></div></div><div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:238.3pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in mid-sized companies may involve greater risk than </span>investments in larger companies, including greater volatility, less liquidity, and less available information. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:132.85pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:530.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div>regulatory, or other developments affecting that sector than a fund with a broader range of investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:580.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:652.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:664pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:675.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:702.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">InfiniBand vs. Ethernet Competition Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:300.64pt;position:var(--position);text-decoration:none;white-space:pre"> AI cluster networking involves competition between </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">InfiniBand-based and Ethernet-based solutions. A shift in customer preference toward InfiniBand or other </span></div>proprietary networking could reduce the market opportunity for Ethernet-focused companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">InfiniBand vs. Ethernet Competition Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:300.64pt;position:var(--position);text-decoration:none;white-space:pre"> AI cluster networking involves competition between </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">InfiniBand-based and Ethernet-based solutions. A shift in customer preference toward InfiniBand or other </span></div>proprietary networking could reduce the market opportunity for Ethernet-focused companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:373.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:396.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:434.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:373.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:640.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:652pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:663.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:674.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:190.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:236.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:331.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:354.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:365.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:388.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:411.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:422.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:190.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:331.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:354.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:365.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:388.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:411.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:422.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:506.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:518pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:529.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:540.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:552.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:563.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:575pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:586.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:597.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:609.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:620.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:632pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:643.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:681.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:704.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:715.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:727.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:123.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:135pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:146.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital AI Drug Discovery ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital AI Drug Discovery ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div>tables and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:411.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:422.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div>Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:532.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI Drug </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Discovery Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:154.6pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines AI Drug Discovery Companies as companies that derive at least 50% of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">their revenue or net income from, or that have invested at least 50% of the value of their assets in, the application of AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">to drug discovery, molecular design, and pharmaceutical R&amp;D, </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.66pt;position:var(--position);text-decoration:none;white-space:pre">including</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:356.14pt;position:var(--position);text-decoration:none;white-space:pre"> companies </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:407.32pt;position:var(--position);text-decoration:none;white-space:pre">engaged in the development, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">production, or utilization of:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:167.4pt;position:var(--position);text-decoration:none;white-space:pre"> (i) AI-driven drug discovery platforms using machine learning to identify and optimize novel </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:659.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">drug candidates; (ii) computational biology and chemistry companies applying AI to protein structure prediction and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:670.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">target identification; (iii) genomics and multi-omics data analytics companies; (iv) clinical trial optimization platforms </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:682.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">using AI; and (v) pharmaceutical and biopharmaceutical companies with AI as a core pipeline development component. </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:504.82pt;position:var(--position);text-decoration:none;white-space:pre">AI Drug </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Discovery </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:98.32pt;position:var(--position);text-decoration:none;white-space:pre">Companies using company disclosures, industry and supply-chain research, and third-party financial and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue-segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when </span></div></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">meaning the issuer’s differentiated competitive position (such as market share or competitive position within the theme, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">proprietary technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(2) the asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">upside of the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">catalysts. The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">valuation. Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">potential are selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.</span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in small- and mid-capitalization companies. The Fund may also gain exposure to equity securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:275.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">biotechnology and life sciences tools &amp; services industries. As of October 7, 2026, the Fund expects to have significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">exposure to the health care and information technology sectors, including artificial intelligence (“AI”) companies. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:302pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “AI Drug </span></div>Discovery Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the biotechnology and life sciences tools & services industries. As of October 7, 2026, the Fund expects to have significant exposure to the health care and information technology sectors, including artificial intelligence (“AI”) companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:334.12pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Fund, as with all funds, are </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that their investments could lose money.</span> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any <div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:397.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:462.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:527.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:550.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:584.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:706.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:638pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:695pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:255.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Biotechnology Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:245.3pt;position:var(--position);text-decoration:none;white-space:pre"> Biotechnology companies, especially smaller and clinical-stage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">companies, are highly speculative and their securities can be extremely volatile. Companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">biotechnology industry may also be adversely impacted by the loss or impairment of intellectual property </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">rights, such as the termination of patent protections. These companies are also subject to risks </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">associated with intense competition, rapid technological change and obsolescence, government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regulation and/or price controls, and expensive insurance costs due to the risk of product liability lawsuits. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Life Sciences Tools &amp; Services Industry Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:321.78pt;position:var(--position);text-decoration:none;white-space:pre">Companies in the life sciences tools and services </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">industry, which typically develop and sell biopharmaceutical products, may be adversely impacted by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in technology, including rapid obsolescence, as well as medical litigation or the loss or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">impairment of intellectual property rights, such as the termination of patent protections or patent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">infringement. These companies may also be negatively affected by changes in government regulations, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government funding, healthcare providers and health plans, and consumer demographics. The success </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">of these companies may depend largely upon a small number of products or services with long </span></div>development cycles and large capital requirements that have a high chance of failure. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Biotechnology Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:245.3pt;position:var(--position);text-decoration:none;white-space:pre"> Biotechnology companies, especially smaller and clinical-stage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">companies, are highly speculative and their securities can be extremely volatile. Companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">biotechnology industry may also be adversely impacted by the loss or impairment of intellectual property </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">rights, such as the termination of patent protections. These companies are also subject to risks </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">associated with intense competition, rapid technological change and obsolescence, government </span></div>regulation and/or price controls, and expensive insurance costs due to the risk of product liability lawsuits. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Life Sciences Tools &amp; Services Industry Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:321.78pt;position:var(--position);text-decoration:none;white-space:pre">Companies in the life sciences tools and services </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">industry, which typically develop and sell biopharmaceutical products, may be adversely impacted by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in technology, including rapid obsolescence, as well as medical litigation or the loss or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">impairment of intellectual property rights, such as the termination of patent protections or patent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">infringement. These companies may also be negatively affected by changes in government regulations, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government funding, healthcare providers and health plans, and consumer demographics. The success </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">of these companies may depend largely upon a small number of products or services with long </span></div>development cycles and large capital requirements that have a high chance of failure. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Small- and Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:288.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in smaller and mid-sized companies may involve </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">greater risk than investments in larger companies, including greater volatility, less liquidity, and less available </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">information.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:135.48pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">regulatory, or other developments affecting that sector than a fund with a broader range of investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Health Care Sector Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.86pt;position:var(--position);text-decoration:none;white-space:pre">Companies in the health care sector are subject to extensive government regulation </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and their profitability can be significantly affected by restrictions on government reimbursement for medical </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">product lines, an increased emphasis on the delivery of healthcare through outpatient services, loss or impairment </span></div>of intellectual property rights and litigation regarding product or service liability. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:118.58pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:170.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:249.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:536.97pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:153.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Drug Development Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:223.7pt;position:var(--position);text-decoration:none;white-space:pre"> AI-designed drug candidates must still complete clinical trials and receive </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regulatory approval. Most drug candidates fail in clinical development. Failure of a key pipeline asset by a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significant holding could materially harm the Fund.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:191.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Clinical and Regulatory Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:244.77pt;position:var(--position);text-decoration:none;white-space:pre"> Even if an AI-designed drug candidate shows efficacy, regulatory </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agencies may require additional studies, impose conditions on approval, or decline to approve the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">product. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">AI Validation Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:199.4pt;position:var(--position);text-decoration:none;white-space:pre">The validation of AI-generated drug candidates through real-world clinical trials is still </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:241pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">in its early stages. If AI drug discovery platforms fail to produce clinical successes at higher rates than </span></div>traditional approaches, the commercial value could be diminished. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Drug Development Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:223.7pt;position:var(--position);text-decoration:none;white-space:pre"> AI-designed drug candidates must still complete clinical trials and receive </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regulatory approval. Most drug candidates fail in clinical development. Failure of a key pipeline asset by a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significant holding could materially harm the Fund.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Clinical and Regulatory Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:244.77pt;position:var(--position);text-decoration:none;white-space:pre"> Even if an AI-designed drug candidate shows efficacy, regulatory </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agencies may require additional studies, impose conditions on approval, or decline to approve the </span></div>product. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">AI Validation Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:199.4pt;position:var(--position);text-decoration:none;white-space:pre">The validation of AI-generated drug candidates through real-world clinical trials is still </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:241pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">in its early stages. If AI drug discovery platforms fail to produce clinical successes at higher rates than </span></div>traditional approaches, the commercial value could be diminished. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:279.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:302pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:340.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:374.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:397.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:408.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:431.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:454.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:469.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:481pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:492.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:503.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:515.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:553.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:564.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:576.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:587.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:610.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:664pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:675.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:481pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:492.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:503.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:515.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:564.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:576.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:587.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:675.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:686.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:476.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:487.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:510.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:567.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:624.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:647.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:301.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:312.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:324.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:335.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:487.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:510.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:567.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:624.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:647.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:685.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:697pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:708.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:719.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:190.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:367pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:378.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital Space Data Centers ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital Space Data Centers ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">tables and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div>Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “Space Data </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:614.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Center Companies.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:141.4pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines Space Data Center Companies as companies that derive at least 50% of their </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue or net income from, or that have invested at least 50% of the value of their assets in, space-based data center </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">infrastructure and the broader orbital computing ecosystem, including companies </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:395.86pt;position:var(--position);text-decoration:none;white-space:pre">engaged in the development, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">production, or utilization of:</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:167.4pt;position:var(--position);text-decoration:none;white-space:pre"> (i) satellite broadband and low Earth orbit (LEO) communication constellations providing </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">orbital connectivity infrastructure; (ii) in-space computing and edge processing companies developing orbital AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">inference; (iii) commercial space launch providers; (iv) satellite manufacturing companies; (v) ground segment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">companies providing terrestrial infrastructure for satellite network management; and (vi) space component suppliers </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:694.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">providing power, thermal, and structural systems for orbital platforms. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:710.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:505.34pt;position:var(--position);text-decoration:none;white-space:pre">Space Data </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:721.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Center </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:85.12pt;position:var(--position);text-decoration:none;white-space:pre">Companies using company disclosures, industry and supply-chain research, and third-party financial and </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue-segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">meaning the issuer’s differentiated competitive position (such as market share or competitive position within the theme, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">proprietary technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(2) the asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">upside of the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">catalysts. The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">valuation. Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">potential are selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.</span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the aerospace &amp; </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">defense industry. As of October 7, 2026, the Fund expects to have significant exposure to the industrials and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">information technology sectors, including artificial intelligence (“AI”) companies. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:275.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization and expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in large-, mid- and small-capitalization companies. The Fund may also gain exposure to equity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:298pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">securities by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:313.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund expects to have significant exposure to Space Exploration Technologies Corp. (“SpaceX”). Founded in 2002 </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:340.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">by Elon Musk, SpaceX completed its initial public offering in June 2026. SpaceX designs, manufactures, launches, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:351.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">operates products and services built on cutting-edge technologies, including advanced rockets and spacecraft. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">addition, SpaceX operates a worldwide high-speed, low-latency broadband data and communications network powered </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:374.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">by its Starlink broadband and mobile satellites in Low-Earth Orbit. SpaceX also operates a highly vertically integrated AI </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:385.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">platform, which includes its frontier large language model (Grok), its real-time information, entertainment and free </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:397.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">speech platform (X), and AI computational infrastructure. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">SpaceX’s common stock is listed on the Nasdaq Stock Market LLC (“NASDAQ”) under the ticker SPCX. SpaceX is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:424pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:435.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">filed with the SEC by SpaceX pursuant to the Exchange Act can be located by reference to the SEC file number </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:446.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">333-296070 through the SEC’s website at </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:232.15pt;position:var(--position);text-decoration:none;white-space:pre">www.sec.gov</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:286.86pt;position:var(--position);text-decoration:none;white-space:pre">. Additional information about SpaceX may be obtained from </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:458.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other publicly available sources, including, but not limited to, press releases, news articles, industry publications and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:469.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other publicly disseminated document.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:485pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has derived all disclosures contained in this document regarding SpaceX from these publicly available </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:496.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">documents, and neither the Fund nor the Adviser has undertaken any independent review or due diligence of such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:507.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">information.</span></div></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of “Space Data </span></div>Center Companies.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the aerospace & defense industry. As of October 7, 2026, the Fund expects to have significant exposure to the industrials and information technology sectors, including artificial intelligence (“AI”) companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:334.12pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Fund, as with all funds, are </span>subject to the risk that their investments could lose money. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:94.09pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:576.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">government agency.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:161.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, unpredictable </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:668.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">drops in value or long periods of decline in value. This may occur because of factors that affect securities markets </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">generally or factors affecting specific industries, sectors, or companies in which the Fund invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;top:-2.62pt;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.82pt;position:var(--position);text-decoration:none;top:-2.62pt;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">result, the Fund may be more exposed to the risks associated with and developments affecting an individual </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">“Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:129.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:164.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:244.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:423.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:246.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:318.62pt;position:var(--position);text-decoration:none;white-space:pre">As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:170.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will be </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:522.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Aerospace &amp; Defense Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:276.99pt;position:var(--position);text-decoration:none;white-space:pre"> The aerospace &amp; defense industry includes companies that are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">manufacturers of civil or military aerospace and defense equipment, parts or products. The aerospace &amp; </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defense industry can be highly cyclical and companies in the aerospace &amp; defense industry may suffer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">periodic operating losses. The aerospace &amp; defense industry also can be significantly affected by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:606.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">geopolitical, economic, and environmental factors, increased competition, and the ability to attract and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">hire and retain highly skilled employees, including key personnel. Legislative or regulatory changes and </span></div>increased government supervision also may affect companies in the aerospace &amp; defense Industry. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Aerospace &amp; Defense Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:276.99pt;position:var(--position);text-decoration:none;white-space:pre"> The aerospace &amp; defense industry includes companies that are </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">manufacturers of civil or military aerospace and defense equipment, parts or products. The aerospace &amp; </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defense industry can be highly cyclical and companies in the aerospace &amp; defense industry may suffer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">periodic operating losses. The aerospace &amp; defense industry also can be significantly affected by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:606.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">geopolitical, economic, and environmental factors, increased competition, and the ability to attract and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">hire and retain highly skilled employees, including key personnel. Legislative or regulatory changes and </span></div>increased government supervision also may affect companies in the aerospace &amp; defense Industry. <div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:247.81pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of large </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cap companies underperform securities of smaller-capitalization companies or the market as a whole. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities of large cap companies may be relatively mature compared to smaller companies and therefore subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">to slower growth during times of economic expansion. Large-capitalization companies may also be unable to </span></div></div><div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></div> <div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Small- and Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:288.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in smaller and mid-sized companies may involve </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:717pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">greater risk than investments in larger companies, including greater volatility, less liquidity, and less available </span></div></div><div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">information.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;top:-2.62pt;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:239.33pt;position:var(--position);text-decoration:none;top:-2.62pt;white-space:pre">The Fund has a limited history of operations for investors to evaluate. The </span>Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:135.48pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may, from time to time, have significant exposure to one or more sectors of the economy. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:89.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">To the extent the Fund has significant sector exposure, the Fund will be more susceptible to economic, political, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:101.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">regulatory, or other developments affecting that sector than a fund with a broader range of investments.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on technological </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:128pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">advances may have limited product lines, markets, financial resources, supply chains and personnel. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:139.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies typically face intense competition, potentially rapid product obsolescence and changes in product </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:150.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">cycles and customer preferences. They may face unexpected risks and costs associated with technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:162.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:173.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">companies may face increased government scrutiny and may be subject to adverse government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">A</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:84.86pt;position:var(--position);text-decoration:none;white-space:pre">rtificial Intelligence Companies Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:252.52pt;position:var(--position);text-decoration:none;white-space:pre">Companies engaged in the development, production, or utilization of AI </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:211.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:223.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:234.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may </span></div>fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Industrials Sector Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.09pt;position:var(--position);text-decoration:none;white-space:pre">The industrials sector can be significantly affected by, among other things, worldwide </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:272.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">economic growth, supply and demand for specific products and services, rapid technological developments, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:284.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">international political and economic developments, environmental issues, tariffs and trade barriers, and tax and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:295.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">governmental regulatory policies. As the demand for, or prices of, industrials increase, the value of the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:307pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:318.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">industrials generally would be expected to contribute to declines in the value of such securities. Such declines </span></div>may occur quickly and without warning and may negatively impact the value of the Fund and your investment. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Space Industry Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:171.35pt;position:var(--position);text-decoration:none;white-space:pre"> The commercial space industry involves unusually high technical risks. Launch failures, </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:356.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">satellite malfunctions, and in-orbit collisions can result in total loss of spacecraft value. Companies may require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:368pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">significant additional capital and face high execution risk.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:383.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">SpaceX Investment Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:226.35pt;position:var(--position);text-decoration:none;white-space:pre"> Any publicly traded instruments providing exposure to SpaceX may be illiquid, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:394.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade at significant premiums or discounts to intrinsic value, and may not accurately reflect SpaceX's </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:406.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">financial performance.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:421.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Regulatory and Spectrum Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:257.44pt;position:var(--position);text-decoration:none;white-space:pre">Commercial space operations are subject to extensive regulation by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:433pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the FCC, FAA, and international telecommunications bodies. Changes in spectrum allocation, orbital </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:444.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">debris regulations, or launch licensing could adversely affect companies in the Fund.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:459.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Early-Stage Company Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.05pt;position:var(--position);text-decoration:none;white-space:pre">Many companies in the space sector are early-stage, pre-revenue, or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:471.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">heavily reliant on a small number of contracts, facing heightened risks of capital adequacy and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:482.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">technology development failure.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Orbital Debris Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:202.05pt;position:var(--position);text-decoration:none;white-space:pre"> The proliferation of satellites in LEO creates increasing collision risk. Regulatory </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:509.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">action to limit satellite launches or de-orbit existing satellites could constrain constellation growth.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">SpaceX Investment Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:226.35pt;position:var(--position);text-decoration:none;white-space:pre"> Any publicly traded instruments providing exposure to SpaceX may be illiquid, </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:394.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade at significant premiums or discounts to intrinsic value, and may not accurately reflect SpaceX's </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:406.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">financial performance.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Regulatory and Spectrum Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:257.44pt;position:var(--position);text-decoration:none;white-space:pre">Commercial space operations are subject to extensive regulation by </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:433pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the FCC, FAA, and international telecommunications bodies. Changes in spectrum allocation, orbital </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:444.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">debris regulations, or launch licensing could adversely affect companies in the Fund.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Early-Stage Company Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:240.05pt;position:var(--position);text-decoration:none;white-space:pre">Many companies in the space sector are early-stage, pre-revenue, or </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:471.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">heavily reliant on a small number of contracts, facing heightened risks of capital adequacy and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:482.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">technology development failure.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Orbital Debris Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:202.05pt;position:var(--position);text-decoration:none;white-space:pre"> The proliferation of satellites in LEO creates increasing collision risk. Regulatory </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:509.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">action to limit satellite launches or de-orbit existing satellites could constrain constellation growth.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:536.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:547.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:559pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">value of collateral provided for loaned securities or a decline in the value of any investments made with cash </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:186.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve certain </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:597.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">risks that may not be present with investments in U.S. securities. For example, the value of such securities may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:608.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:620pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:631.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:642.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">settlement, custodial, and operational risks. These and other factors can make investments in the Fund more </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:654.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:665.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:677pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:688.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">complete. Foreign markets often have less reliable securities valuations and greater risk associated with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:699.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:711.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">investigations into or litigation against companies and shareholders may have limited legal remedies.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:500.6pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:354.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:348.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:290.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:517.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:162.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such as </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:190.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced security </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:280.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange rates </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">and interest rates, political events, military action and other conditions may, without prior warning, lead to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">foreign government intervention (including intervention by the U.S. government with respect to foreign </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">governments, economic sectors, foreign companies and related securities and interests) and the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:389.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the market, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">derivatives is a highly specialized activity that involves investment techniques and risks different from those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:473pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:484.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">correlation between the value of the underlying securities and the derivative. Because derivatives often require </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:507.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:518.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:659.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:670.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:682.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:693.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:705pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:716.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:190.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:556.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:602.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:625.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:659.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:670.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:682.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:693.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:705pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:190.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:331.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:354.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:365.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:388.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:400pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:411.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:422.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:434.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:445.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:506.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:518pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:529.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:540.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:552.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:610.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:150.35pt;position:var(--position);text-decoration:none;white-space:pre"> Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:621.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:633.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Tuttle Capital Owned Intelligence ETF Investment Objective <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Tuttle Capital Owned Intelligence ETF (the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:157.64pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:169.04pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">tables and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Other Expenses are based on estimated amounts for the current fiscal year. Example <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:412.69pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:424.09pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund's operating expenses remain the same.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:534.19pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:545.59pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div>example, affect the Fund's performance. Because the Fund is new, no portfolio turnover rate information is available. Principal Investment Strategies <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.79pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:615.19pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">securities of “Owned Intelligence </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:193.79pt;position:var(--position);text-decoration:none;white-space:pre">Companies</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:241.82pt;position:var(--position);text-decoration:none;white-space:pre">.” </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:250.07pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser defines Owned Intelligence Companies as companies that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:626.59pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">derive at least 50% of their revenue or net income from, or that have invested at least 50% of the value of their assets </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.99pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">in, one or more of the following business lines: (i) identity and </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:313.51pt;position:var(--position);text-decoration:none;white-space:pre">access</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:343.07pt;position:var(--position);text-decoration:none;white-space:pre"> management, privileged access management, or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:649.39pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">data security software that controls who and what may access an enterprise's data, systems, or artificial intelligence </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660.79pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(“AI”) models; (ii) enterprise data governance, data observability, or data infrastructure platforms; or (iii) private, on-</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:672.19pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">premises, or edge AI computing systems, including related enterprise storage, server, and semiconductor hardware </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:683.59pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">designed for such systems.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:698.99pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:505.34pt;position:var(--position);text-decoration:none;white-space:pre">Owned </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:709.91pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:104.65pt;position:var(--position);text-decoration:none;white-space:pre">Companies using company disclosures, industry and supply-chain research, and third-party financial and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:720.83pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">revenue-segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investing on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:64.92pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">meaning the issuer’s differentiated competitive position (such as market share or competitive position within the theme, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:75.84pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">proprietary technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:86.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">(2) the asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:97.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">upside of the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:108.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">catalysts. The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:119.52pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">valuation. Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:130.44pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">potential are selected for inclusion in the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:145.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">In selecting and weighting the Fund's portfolio holdings, the Adviser allocates the Fund's assets across the three </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:156.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">investment categories described above. The Fund generally uses a modified equal-weighted methodology within each </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:168.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">category, </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:94.97pt;position:var(--position);text-decoration:none;white-space:pre">where the Adviser begins by assigning an equal weight to each portfolio holding within the category but may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:179.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">assign a higher or lower weight based on the Adviser’s assessment of the holding’s edge and asymmetric return </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:190.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">potential and its relevance and business exposure to the Fund’s theme.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, t</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:109.74000000000001pt;position:var(--position);text-decoration:none;white-space:pre">he Adviser may designate one portfolio holding within category (ii) as the Fund's “Anchor Constituent” and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">weight that holding up to 10% of the Fund's net assets, based on the Adviser's assessment of which eligible company </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">has the greatest relevance to, and purity of business exposure within, the enterprise-owned-AI-control investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">theme. The Fund also limits its aggregate investment in companies whose principal business is the design or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">manufacture of semiconductors or other AI computing hardware components to no more than 15% of its net assets.</span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:267.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">In addition, the Fund may invest up to 20% of its net assets in equity securities of other companies that the Adviser </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:278.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">believes have a meaningful business connection to enterprise data control, AI governance, or private AI deployment, but </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:290.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">that do not independently satisfy the 50% revenue or asset test described above.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:328.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and emerging markets. </span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the software </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">industry. As of October 7, 2026, the Fund expects to have significant exposure to the information technology sector, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">including artificial intelligence (“AI”) companies. </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">portion of its assets in large- and mid-capitalization companies. The Fund may also gain exposure to equity securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">by investing in derivative instruments, including total return swap agreements (“swaps”).</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:420.16pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:394.26pt;position:var(--position);text-decoration:none;white-space:pre">Under normal market conditions, the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:603.79pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">securities of “Owned Intelligence </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:193.79pt;position:var(--position);text-decoration:none;white-space:pre">Companies</span>.” The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the software industry. As of October 7, 2026, the Fund expects to have significant exposure to the information technology sector, including artificial intelligence (“AI”) companies. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">agency.</span> As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">General Market Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:183.88pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund's net asset value (“NAV”) and investment return will fluctuate based upon </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:516.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Limited History of Operations Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:251.33pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has a limited history of operations for investors to evaluate. </span>The Fund may fail to attract sufficient assets to operate efficiently. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:192.3pt;position:var(--position);text-decoration:none;white-space:pre"> The equity securities held in the Fund's portfolio may experience sudden, </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:581.56pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:592.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">securities markets generally or factors affecting specific industries, sectors, or companies in which the Fund </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">invests</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Issuer-Specific Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:182.82pt;position:var(--position);text-decoration:none;white-space:pre"> Individual securities may experience sudden and unpredictable drops in value due to </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">company-specific factors such as management decisions, product failures, litigation, or regulatory actions.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Large-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:259.81pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s performance may be adversely affected if securities of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:657.96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">large cap companies underperform securities of smaller-capitalization companies or the market as a whole. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:669.36pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The securities of large cap companies may be relatively mature compared to smaller companies and therefore </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:680.76pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">subject to slower growth during times of economic expansion. Large-capitalization companies may also be </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Mid-Capitalization Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:250.3pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in mid-sized companies may involve greater risk than </span>investments in larger companies, including greater volatility, less liquidity, and less available information. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Management Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:173.34pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may not meet its investment objective or may underperform the market or </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:204.95pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is considered to be non-diversified, which means that it may invest more </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a result, the Fund may be more exposed to the risks associated with and developments affecting an </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">on the Fund’s performance. However, the Fund intends to satisfy the diversification requirements for qualifying </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">amended (the “Code”).</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:141.15pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:191.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">forward to perform their functions. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:298pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">regularly making small investments. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:336.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:315.99pt;position:var(--position);text-decoration:none;white-space:pre"> As with all ETFs, shares may be bought and sold in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:359pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:450.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">experienced by domestic ETFs. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:494.72pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund has </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:214.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:225.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">either of the following events occur, shares may trade at a material discount to NAV and possibly face </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">providers exit the business or significantly reduce their business activities and no other entities step </span></div>forward to perform their functions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Costs of Buying or Selling Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:269.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> Due to the costs of buying or selling shares, including brokerage </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:298pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">reduce investment results and an investment in shares may not be advisable for investors who anticipate </span></div>regularly making small investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Shares May Trade at Prices Other Than NAV.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:315.99pt;position:var(--position);text-decoration:none;white-space:pre"> As with all ETFs, shares may be bought and sold in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">secondary market at market prices. Although it is expected that the market price of shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:359pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">during periods of market volatility. This risk is heightened in times of market volatility, periods of steep </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">market declines, and periods when there is limited trading activity for shares in the secondary market, in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which case such premiums or discounts may be significant. Because securities held by the Fund may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">likely to be deviations between the current price of a security and the security’s last quoted price from the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">closed foreign market. This may result in premiums and discounts that are greater than those </span></div>experienced by domestic ETFs. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Trading.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:151.43pt;position:var(--position);text-decoration:none;white-space:pre"> Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:499.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:511.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">significantly less liquid than shares, and this could lead to differences between the market price of the </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">shares and the underlying value of those shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:182.28pt;position:var(--position);text-decoration:none;white-space:pre">Because the Fund's investments are concentrated in a particular industry, the Fund will </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:549.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">be subject to the risk that economic, political, or other conditions that have a negative effect on that industry will </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">industries.</span></div><div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:587.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">Software </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:167.21pt;position:var(--position);text-decoration:none;white-space:pre">Industry Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:232.59pt;position:var(--position);text-decoration:none;white-space:pre">The software industry can be significantly affected by intense competition, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">aggressive pricing, technological innovations, and product obsolescence. Companies in the software </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:610.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">industry are subject to significant competitive pressures, such as aggressive pricing, new market </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:621.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">entrants, competition for market share, short product cycles due to an accelerated rate of technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:633.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">developments and the potential for limited earnings and/or falling profit margins. These companies also </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">face the risks that new services, equipment or technologies will not be accepted by consumers and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">businesses or will become rapidly obsolete. These factors can affect the profitability of these </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">companies and, as a result, the value of their securities. Also, patent protection is integral to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">success of many companies in this industry, and profitability can be affected materially by, among other </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:701.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">infringement and the loss of patent protection for products (which significantly increases pricing </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">pressures and can materially reduce profitability with respect to such products). In addition, many </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:724.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">software companies have limited operating histories. Prices of these companies’ securities historically </span></div></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">have been more volatile than other securities, especially over the short term. Companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">application software industry, in particular, also may be negatively affected by the decline or fluctuation </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">of subscription renewal rates for their products and services, dependence on cloud providers, the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">production of upgrades, and regional differences in adoption rates and regulatory environments, which </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">may have an adverse effect on profit margins.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">Software </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:167.21pt;position:var(--position);text-decoration:none;white-space:pre">Industry Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:232.59pt;position:var(--position);text-decoration:none;white-space:pre">The software industry can be significantly affected by intense competition, </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">aggressive pricing, technological innovations, and product obsolescence. Companies in the software </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:610.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">industry are subject to significant competitive pressures, such as aggressive pricing, new market </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:621.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">entrants, competition for market share, short product cycles due to an accelerated rate of technological </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:633.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">developments and the potential for limited earnings and/or falling profit margins. These companies also </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">face the risks that new services, equipment or technologies will not be accepted by consumers and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">businesses or will become rapidly obsolete. These factors can affect the profitability of these </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">companies and, as a result, the value of their securities. Also, patent protection is integral to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">success of many companies in this industry, and profitability can be affected materially by, among other </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:701.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">infringement and the loss of patent protection for products (which significantly increases pricing </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">pressures and can materially reduce profitability with respect to such products). In addition, many </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:724.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">software companies have limited operating histories. Prices of these companies’ securities historically </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">have been more volatile than other securities, especially over the short term. Companies in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">application software industry, in particular, also may be negatively affected by the decline or fluctuation </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">of subscription renewal rates for their products and services, dependence on cloud providers, the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">production of upgrades, and regional differences in adoption rates and regulatory environments, which </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:124.5pt;position:var(--position);text-decoration:none;white-space:pre">may have an adverse effect on profit margins.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Sector Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:144.85pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund may, from time to time, have significant exposure to one or more sectors of the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">economy. To the extent the Fund has significant sector exposure, the Fund will be more susceptible to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">economic, political, regulatory, or other developments affecting that sector than a fund with a broader range of </span></div>investments. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Information Technology Sector Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:252.94pt;position:var(--position);text-decoration:none;white-space:pre">. Technology companies and companies that rely heavily on </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">technological advances may have limited product lines, markets, financial resources, supply chains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">personnel. These companies typically face intense competition, potentially rapid product obsolescence and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">changes in product cycles and customer preferences. They may face unexpected risks and costs associated </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">with technological developments, such as artificial intelligence and machine learning. Technology companies </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">also depend heavily on intellectual property rights and may be adversely affected by the loss or impairment of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">government or legal action.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Artificial </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:130.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre">Intelligence</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:182.78pt;position:var(--position);text-decoration:none;white-space:pre"> Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:261.89pt;position:var(--position);text-decoration:none;white-space:pre"> Companies engaged in the development, production, or utilization of </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">AI technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:282.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">infrastructure, and related services, may be subject to intense competition, rapid product obsolescence, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">unpredictable changes in the AI market. The commercial viability of AI technologies and applications is not </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">certain. AI technologies may fail to achieve expected performance, face regulatory restrictions, or be displaced </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:316.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">by competing technologies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Owned Intelligence Companies Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:294.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre">The Fund's principal investment strategy is based on the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Adviser's thesis that enterprises and governments will increasingly prioritize owning and controlling </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">their data, AI models, and computing infrastructure rather than relying on third-party AI providers. This </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">thesis may not play out as the Adviser expects, or may develop more slowly than expected, which </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">could cause the Fund to underperform funds that do not focus on this investment theme.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Data Security and Identity Software Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:364.36pt;position:var(--position);text-decoration:none;white-space:pre"> Companies that provide identity, access </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">management, and data security software face rapid technological change, evolving cybersecurity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">threats, and intense competition. These companies may also be subject to significant liability, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">reputational harm, and regulatory scrutiny in the event of a security breach or product failure.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Enterprise Software and Data Infrastructure Companies Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:404.44pt;position:var(--position);text-decoration:none;white-space:pre">Companies that provide enterprise </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:454.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">data governance, observability, or data infrastructure platforms depend on continued enterprise </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">adoption of, and spending on, cloud and data infrastructure products. A slowdown in enterprise </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">information technology spending, increased competition, or the emergence of alternative technologies </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">could adversely affect these companies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:503.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor and AI Hardware Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:351.72pt;position:var(--position);text-decoration:none;white-space:pre"> Semiconductor and AI hardware companies are </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:515.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">characterized by rapid technological change, intense competition, and cyclical demand. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">companies may also be significantly affected by supply chain disruptions, U.S. and foreign export </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">control regulations, and the concentration of manufacturing capacity in a small number of geographic </span></div>regions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Owned Intelligence Companies Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:294.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre">The Fund's principal investment strategy is based on the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:343.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Adviser's thesis that enterprises and governments will increasingly prioritize owning and controlling </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:355pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">their data, AI models, and computing infrastructure rather than relying on third-party AI providers. This </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:366.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">thesis may not play out as the Adviser expects, or may develop more slowly than expected, which </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:377.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">could cause the Fund to underperform funds that do not focus on this investment theme.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Data Security and Identity Software Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:364.36pt;position:var(--position);text-decoration:none;white-space:pre"> Companies that provide identity, access </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">management, and data security software face rapid technological change, evolving cybersecurity </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">threats, and intense competition. These companies may also be subject to significant liability, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">reputational harm, and regulatory scrutiny in the event of a security breach or product failure.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Enterprise Software and Data Infrastructure Companies Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:404.44pt;position:var(--position);text-decoration:none;white-space:pre">Companies that provide enterprise </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:454.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">data governance, observability, or data infrastructure platforms depend on continued enterprise </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:465.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">adoption of, and spending on, cloud and data infrastructure products. A slowdown in enterprise </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">information technology spending, increased competition, or the emergence of alternative technologies </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">could adversely affect these companies.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Semiconductor and AI Hardware Companies Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:351.72pt;position:var(--position);text-decoration:none;white-space:pre"> Semiconductor and AI hardware companies are </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:515.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">characterized by rapid technological change, intense competition, and cyclical demand. These </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">companies may also be significantly affected by supply chain disruptions, U.S. and foreign export </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">control regulations, and the concentration of manufacturing capacity in a small number of geographic </span></div>regions. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Securities Lending Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:202.84pt;position:var(--position);text-decoration:none;white-space:pre">There are certain risks associated with securities lending, including the risk that the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:576.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:587.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">by the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a decline </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:599pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">in the value of collateral provided for loaned securities or a decline in the value of any investments made with </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">cash collateral. As a result, the Fund may lose money.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Securities Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.1pt;position:var(--position);text-decoration:none;white-space:pre"> Investments in securities of foreign companies, including through ADRs, involve </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">certain risks that may not be present with investments in U.S. securities. For example, the value of such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:648.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">securities may be subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">political or economic instability. There may be less information publicly available about a non-U.S. issuer than a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:671.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">U.S. issuer. Such investments also may be subject to withholding or other taxes and may be indirectly subject </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:682.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">to additional trading, settlement, custodial, and operational risks. These and other factors can make </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:694.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">investments in the Fund more volatile and potentially less liquid than other types of investments. Companies in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:705.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">many foreign markets are not subject to the same degree of regulatory requirements, accounting standards or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:717pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">auditor oversight as companies in the U.S., and as a result, information about the securities in which the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:728.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">invests may be less reliable or complete. Foreign markets often have less reliable securities valuations and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">greater risk associated with the custody of securities than the U.S. There may be significant obstacles to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">obtaining information necessary for investigations into or litigation against companies and shareholders may </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">have limited legal remedies.</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:92.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:174.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">as changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:366.03pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:176pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:236.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:233pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:360.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:254.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:271.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:302.01pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:202.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:298pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">to increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:332.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:529.77pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:347.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:292.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:359pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">rates and interest rates, political events, military action and other conditions may, without prior warning, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">lead to foreign government intervention (including intervention by the U.S. government with respect to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">foreign governments, economic sectors, foreign companies and related securities and interests) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">the imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">transfer securities or currency, negatively impact the value and/or liquidity of such instruments, </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">ADR Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:174.52pt;position:var(--position);text-decoration:none;white-space:pre">ADRs involve risks similar to those associated with investments in foreign securities, such </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:103.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">as changes in political or economic conditions of other countries and changes in the exchange rates of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:115pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:126.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:137.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">corresponds precisely with that of the Underlying Shares.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Markets Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:236.22pt;position:var(--position);text-decoration:none;white-space:pre">Investments in securities and instruments traded in developing or emerging </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:187.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">markets, or that provide exposure to such securities or markets, can involve additional risks relating to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:198.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">political, economic, or regulatory conditions not associated with investments in U.S. securities and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:210.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">instruments or investments in more developed international markets. Such conditions may impact the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:221.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">price for Shares and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Geographic Investment Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:254.16pt;position:var(--position);text-decoration:none;white-space:pre">. To the extent the Fund invests a significant portion of its assets in the </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:259.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">securities of companies of a single country or region, it is more likely to be impacted by events or </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">conditions affecting that country or region.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Geopolitical Risk</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:202.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Some countries and regions in which the Fund may invest have experienced </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:298pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">environmental disasters and/or systemic market dislocations that have led, and in the future may lead, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">to increased short-term market volatility and may have adverse long-term effects on the U.S. and world </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">economies and markets generally, each of which may negatively impact the Fund’s investments.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Capital Controls and Sanctions Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:292.1pt;position:var(--position);text-decoration:none;white-space:pre"> Economic conditions, such as volatile currency exchange </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:359pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">rates and interest rates, political events, military action and other conditions may, without prior warning, </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:370.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">lead to foreign government intervention (including intervention by the U.S. government with respect to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">foreign governments, economic sectors, foreign companies and related securities and interests) and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:393.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">the imposition of capital controls and/or sanctions, which may also include retaliatory actions of one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">government against another government, such as seizure of assets. Capital controls and/or sanctions </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:416pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:427.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">transfer securities or currency, negatively impact the value and/or liquidity of such instruments, </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect the trading market and price for Shares, and cause the Fund to decline in value.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Anchor Constituent Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:206.53pt;position:var(--position);text-decoration:none;white-space:pre">The Fund's methodology permits the Adviser to weight a single eligible portfolio </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">holding (the Fund's Anchor Constituent) up to 10% of the Fund's net assets, a materially larger position than the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:488.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Fund's other holdings. As a result, the Fund's performance may be more susceptible to a single adverse event, </span></div>or to the negative performance of a single issuer, than a fund that limits its holdings to smaller position sizes. <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Derivatives Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:165.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s investments in derivatives may pose risks in addition to, and greater than, those </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:526.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">associated with directly investing in securities or other ordinary investments, including risk related to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:538pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">market, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:549.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">use of derivatives is a highly specialized activity that involves investment techniques and risks different from </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:560.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:572.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:583.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">imperfect correlation between the value of the underlying securities and the derivative. Because derivatives </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:595pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:606.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:617.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">risks:</span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:633.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:701.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:724.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:133.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:332.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:149.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:102pt;position:var(--position);text-decoration:none;white-space:pre">◦</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Swap Agreements Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:224.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre">The use of swap transactions is a highly specialized activity, which involves </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:644.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment techniques and risks different from those associated with ordinary portfolio securities </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:656pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transactions. Whether the Fund will be successful in using swap agreements to achieve its investment </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:667.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">goal depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:678.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective and to identify counterparties for those swap agreements. The swap agreements in </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:690.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">which the Fund invests are generally traded in the over-the-counter market, which generally has less </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:701.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:713pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agree to exchange the return (or differentials in rates of return) earned or realized on particular </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:724.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">predetermined reference assets or underlying securities or instruments. The gross return to be </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">exchanged or swapped between the parties is calculated based on a notional amount or the return on or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:65.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change in value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:76.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">agreements will increase leverage in the Fund’s investments, which will tend to magnify the gains and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:88.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">losses of the underlying securities. If the underlying securities have a dramatic move that causes a </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:99.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:111pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:122.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">achieve exposure to the same underlying securities.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Counterparty Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:198.91pt;position:var(--position);text-decoration:none;white-space:pre"> The risk of loss to the Fund for swap transactions that are entered into on a net basis </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">depends on which party is obligated to pay the net amount to the other party. If the counterparty is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:172pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:183.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:194.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">generally limited to that net amount. If a swap agreement involves the exchange of the entire principal </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:206.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">value of a security, the entire principal value of that security is subject to the risk that the other party to the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:217.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:229pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">make timely payments to meet its contractual obligations or may fail to return holdings that are subject to </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:240.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:251.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:274.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:286pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">investment objective. In addition, the Fund may enter into swap agreements with a limited number of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:297.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:308.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:114pt;position:var(--position);text-decoration:none;white-space:pre">change its investment objective.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Tax Risk. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:122.3pt;position:var(--position);text-decoration:none;white-space:pre">At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a) </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:358.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:369.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:381.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:392.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:404pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:415.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:426.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:438.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:449.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">businesses, or the securities of one or more qualified publicly traded partnerships (the “Diversification </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:461pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Requirement”). The determination of the value and the identity of the issuer of derivative investments that the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:472.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:483.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:495.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:506.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:518pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">application of these requirements to certain investments (including swaps) that may be entered into by the Fund is </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:529.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear. If the </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:540.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span> <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:bold;left:78pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk.</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:166.62pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund and its service providers may be susceptible to operational and information </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:613.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:624.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:647.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many </span></div><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:78pt;position:var(--position);text-decoration:none;white-space:pre">of the same risks associated with direct cybersecurity breaches.</span> Performance Information <span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">No performance information is presented for the Fund because it is a new fund and does not have a full calendar year </span><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:705.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">of performance history. </span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:152.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Once the Fund has completed a full calendar year of operations, a bar chart and performance </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:717pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at </span></div><div style="font-size:12pt;line-height:9.5pt;position:var(--position);top:728.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">https://www.tuttlecap.com/etfs</span><span style="font-family:'Arial', sans-serif;font-size:9.5pt;font-style:normal;font-weight:normal;left:179.51pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> No performance information is presented for the Fund because it is a new fund and does not have a full calendar year of performance history. https://www.tuttlecap.com/etfs Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year.