The fund seeks a high level of total return consisting of income and capital appreciation by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in a portfolio of mortgage-related fixed income instruments of varying maturities.

Mortgage-related fixed income instruments include residential and commercial mortgage-backed securities, collateralized mortgage obligations, stripped mortgage-backed securities, mortgage pass-through securities and other securities representing an interest in or secured by or related to mortgages, including asset-backed securities and securities issued by other ETFs that invest principally in MBS.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on attractive investment opportunities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest up to 20% of its net assets in non-agency, or privately-issued, residential and commercial MBS, and other non-agency or privately issued mortgage-related and asset-backed securities.

In addition, the fund will from time to time also invest in certain other fixed-income securities and/or hold cash and cash-equivalents (such as U.S. treasuries).

The fund will invest primarily in securities rated investment grade, or if unrated, determined to be of comparable credit quality.

Also, the fund may invest in lower-rated, higher-yielding securities, including securities rated below investment grade.

The fund may invest its uninvested cash in affiliated or non-affiliated money market funds or unregistered cash management pooled investment vehicles that operate as money market funds.

Additionally, the fund may invest in derivatives.

The fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks a steady income stream with capital preservation across various market cycles by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in a portfolio of fixed income instruments of varying maturities.

The types of fixed income instruments in which the team may invest include bonds, debt securities, and other similar instruments issued by various U.S. and foreign public- or private-sector entities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to take advantage of market mispricings and dislocations caused by structural inefficiencies in the fixed income market.

However, the fund may invest in high-yield bonds, commercial paper, mortgage-backed securities, and floating rate securities that are rated below investment grade, but generally intends to invest 15% or less of its net assets in such securities.

Also, the fund may invest up to 20% of its net assets in asset-backed securities that are rated investment grade or of similar quality.

From time to time, the fund may invest up to 5% of its assets in asset-backed securities that are rated below investment grade.

The fund may also invest in cash or cash equivalents such as commercial paper, repurchase agreements and other short-duration fixed-income securities.

In addition, the fund may invest up to 70% of its net assets in foreign securities.

Within the fund’s exposure to foreign securities, it may invest in emerging markets, including frontier markets, but will normally limit emerging markets investments to 15% of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in small-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities that comprise the Underlying Index.

The Underlying Index is designed to select small-sized capitalization stocks that are poised for smart growth by evaluating each company’s performance in three critical areas, such as growth, profitability, and capital efficiency.

Growth measures include revenue growth rate; profitability measures include operating profit and earnings per-share; and capital efficiency measures include return on invested capital.

The team then employs a proprietary quantitative methodology to score such stocks, and the top 10% of such eligible stocks scoring the highest become eligible to be included in the portfolio.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

The fund may also invest in investments that are not included in the Underlying Index, such as stocks, shares of other investment companies, cash and cash equivalents, including affiliated or non-affiliated money market funds.

To the extent the Underlying Index concentrates in the securities of a particular industry or group of industries, the fund will concentrate its investments to approximately the same extent as the Underlying Index.

The fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in small-and mid-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities that comprise the Underlying Index.

The Underlying Index is designed to select small- and medium-sized capitalization stocks that are poised for smart growth by evaluating each company’s performance in three critical areas, such as growth, profitability, and capital efficiency.

Growth measures include revenue growth rate; profitability measures include operating profit and earnings per-share; and capital efficiency measures include return on invested capital.

The team then employs a proprietary quantitative methodology to score such stocks, and the top 10% of such eligible stocks scoring the highest become eligible to be included in the portfolio.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

The fund may also invest in investments that are not included in the Underlying Index, such as stocks, shares of other investment companies, cash and cash equivalents, including affiliated or non-affiliated money market funds.

To the extent the Underlying Index concentrates in the securities of a particular industry or group of industries, the fund will concentrate its investments to approximately the same extent as the Underlying Index.

The fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.