Artificial Intelligence Risk. The Fund primarily invests in companies whose businesses are tied to the buildout of AI infrastructure. Companies that develop, rely on, or integrate AI technologies into their products, services, or operations face risks related to the complexity, cost, and uncertainty of AI development and deployment. AI systems may produce inaccurate, biased, unreliable, or unintended results and may not perform as expected. Such companies may be subject to heightened regulatory scrutiny, evolving legal and compliance requirements, cybersecurity and data privacy risks, intellectual property disputes, and other operational challenges. Significant investments in AI infrastructure, talent, and research may not generate anticipated benefits, and rapid technological change or increased competition may adversely affect a company’s market position, operating results, or financial condition.

Emerging Markets Risk. Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Advisor’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.

Geopolitical Risk — Taiwan and China. A meaningful portion of the Fund’s portfolio is comprised of issuers located in or with significant operations in Taiwan and China. Heightened tensions between Taiwan, China, and the United States, including military escalation, trade restrictions, export controls, sanctions, or delisting of Chinese issuers from U.S. exchanges, could materially impair the value of the Fund’s investments. The semiconductor supply chain is particularly exposed to such risk. China A-shares accessed through Stock Connect or other qualified channels are subject to additional limitations including trading suspensions, quota restrictions, and the risk of regulatory changes.

Power Generation and Grid Risk. The Fund invests in companies that manufacture gas turbines, transformers, switchgear, and other power-related equipment. Demand for these products is sensitive to utility capital spending cycles, interest rates, regulatory approvals for new generation and transmission projects, and commodity input costs. Order backlogs can lengthen or contract rapidly with shifts in customer planning.

Semiconductor and Eletrification Materials Risk. The Fund invests in producers of copper, rare earth elements, industrial gases, and other materials. The market prices of these commodities are subject to substantial volatility driven by global supply and demand, currency movements, central bank actions, and changes in industrial demand. Mining operations are also subject to operational, environmental, and political risk.

Optical and Electrical Interconnect Risk. The Fund invests in companies engaged in the design and manufacture of photonic integrated circuits, optical transceivers, silicon photonics components, and electrical/optical interconnect systems used in AI data center infrastructure. These markets are subject to rapid technology cycles, with new generations of transceivers and co-packaged optics requiring significant capital investment. Revenue concentration among a limited number of hyperscale customers means that purchasing decisions by a small number of buyers can materially affect the revenues and valuations of companies in this sleeve. Yield challenges associated with the integration of photonic components with standard semiconductor processes may delay or impair the commercialization of next-generation products. Pricing pressure from competing technologies or new entrants could also adversely affect the Fund’s investments in this category.

Data Center Siting Risk. The Fund invests in companies whose operations are tied to the siting, development, and grid interconnection of data centers and related AI infrastructure. These companies face risk from the limited availability of suitable land and power in high-demand markets, lengthy interconnection queues with electric utilities, permitting delays, and increasing regulatory scrutiny of large-scale power consumption. Access to reliable, affordable power — including natural gas, nuclear, and renewable sources — is a critical constraint for data center development. Changes in electricity pricing, grid stability, environmental regulation, water availability for cooling, or local zoning and land use law could adversely affect the operations or growth prospects of companies in this sleeve.

Market Risk. Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund’s performance per share will change daily in response to such factors.

New Fund Risk. The Fund is newly organized and has no operating history. There is no assurance that the Fund will grow to or maintain an economically viable size, in which case it may be liquidated at an inopportune time..

Investment Risk. An investment in Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of your Shares at any point in time may be worth less than the value of your original investment.

All investments involve risks, including the risk that the entire amount invested may be lost. No guarantee or representation is made that the Fund’s investment objective will be achieved.

Any real or perceived adverse economic changes, local, regional or global events such as war, acts of terrorism, disasters, trade disputes, disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities of those countries, the spread of infectious illness or other public health issues, recessions, raising of interest rates, or other events, could have a material adverse impact on the Fund or its investments. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. Moreover, changes in these and other areas present uncertainty and risk with respect to the Fund’s NAV, performance, financial condition, results of operations, ability to pay distributions, and portfolio liquidity, among other factors.

Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing global conflicts may have adverse spill-over effects into the global financial markets generally.

Sector Risk. The Fund may be susceptible to an increased risk of loss, including losses due to events that adversely affect the Fund’s investments more than the market as a whole, to the extent that the fund may, from time to time, have greater exposure to the securities of a particular issuer or issuers within the same industry or sector. Such sector-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the sector. In addition, at times, such sector may be out of favor and underperform other sectors or the market as a whole.

Cybersecurity Risk. With the increased use of technologies such as the internet to conduct business, the Fund, like all companies, may be susceptible to operational, information security, and related risks. As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Fund and its service providers are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.