The fund seeks consistent repeatable returns across all market cycles, by investing in companies outside the United States.

The sub-adviser’s 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 in ETFs and exchange-traded notes that seek to track a diversified basket of global indices and investment sectors.

In selecting securities for the portfolio, the research team focuses on the size, historical track record, diversification among indices, the correlation of an index to other indices and an ability to write covered call options on the particular ETP.

Also, the team may invest in individual securities. Individual security selection criteria include fundamental, behavior, qualitative and macro-economic data.

In addition, the team utilizes a proprietary strategy known as Volatility Enhanced Global Appreciation (VEGA).

The team seeks to participate in the appreciation of the underlying assets while reducing the overall volatility of a global portfolio through the use of options.

The option strategies utilized are limited to covered call writing, selling cash-secured puts, and purchasing protective puts.

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 also may invest in exchange-traded products that invest directly in commodities or currencies.

The fund seeks capital appreciation in the long term by investing in small-size 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 in directly or indirectly in small cap companies.

The team invests primarily in ETFs (Underlying ETFs) that invest in equity securities of small cap companies listed on a U.S. or international exchange (including in emerging markets).

In addition, the team invests in Underlying ETFs that track an index of small cap companies in a particular country or geographic region (U.S., developed markets, or emerging markets) or style (growth, core, or value).

Also, the team considers valuation multiples on the basis of earnings, sales, and book value of companies in various small cap styles relative to historic trends.

Additionally, the team focuses on the relative performance of such styles, to determine whether a style is overvalued or undervalued.

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 total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The fund employs a passive management or indexing investment approach that is designed to track the performance of the Underlying Index.

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 in securities that comprise the Underlying Index.

The Underlying Index is designed to provide exposure to a diverse set of U.S. and Canadian companies involved in the clean energy sector including renewables and clean technology.

The clean energy sector is comprised of companies that provide the products and services that enable the evolution of a more sustainable energy sector.

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 total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The fund employs a passive management or indexing investment approach that is designed to track the performance of the Underlying Index.

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 in securities that comprise the Underlying Index.

The Underlying Index is designed to identify the companies using disruptive technologies in each of ten thematic areas.

These thematic areas include Healthcare Innovation, Internet of Things, Clean Energy and Smart Grid, Cloud Computing, Data and Analytics, FinTech, Robotics and Artificial Intelligence, Cybersecurity, 3D Printing, and Mobile Payments.

Companies using disruptive technologies are those that are entering traditional markets with new digital forms of production and distribution, seek to disrupt an existing market and value network, displace established market-leading firms, products and alliances and increasingly gain market share.

Also, the Underlying Index is comprised of U.S. and non-U.S. companies, including foreign and emerging markets companies.

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 total return performance of the benchmark index, before fees and expenses, 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 common stocks and other equity securities (which may include REITs, American depositary receipts, American depositary shares and global depositary receipts) that comprise the Underlying Index.

The Underlying Index is designed to track the overall performance of the highest dividend paying real estate investment trusts (i.e. Dividend Dogs) in the S-Network US Composite REIT Index.

Dividend Dogs refers to the five REITs in each of the nine segments that make up the S-Net U.S. REIT which offer the highest dividend yields.

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 seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The sub-adviser’s 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 global equity securities that comprise the Index, which includes common stocks and/or depositary receipts, such as American Depositary Receipts and Global Depositary Receipts.

The Index is designed to measure the performance of global equity securities of publicly traded companies with significant revenue from the online retail business.

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 portfolio holdings fall into three categories of traditional retail, marketplace and travel.

The fund will not concentrate its investments in securities of issuers in any industry or group of industries, except to the extent the Index upon which the fund is based concentrates in an industry or group of industries.

The fund seeks total return by investing in companies outside the United States.

The sub-adviser’s 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 equity securities of companies actively involved in the development and utilization of blockchain technologies.

The blockchain is a peer-to-peer shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a business network.

In selecting securities for the portfolio, the research team focuses on companies across a wide variety of industries that are leading in the research, development, utilization and funding of blockchain-based transformational data sharing technologies.

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 portfolio will consist of 40 to 60 companies.

Additionally, the fund will not concentrate its investments in securities of issuers in any industry.

The fund may invest in non-U.S. equity securities, including depositary receipts.

Also, the fund is classified as diversified.

The fund seeks capital appreciation in the long term by investing in companies across any size 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 domestic and foreign equity securities of autonomous technology and robotics companies that are relevant to the fund’s investment theme of disruptive innovation.

Autonomous technology and robotics companies are companies that are estimated to focus on, among other things, disruptive innovation in automation and manufacturing, transportation, energy, artificial intelligence, and materials.

In selecting securities for the portfolio, the research team prefers companies that are capitalizing on disruptive innovation or that are enabling the further development of a theme in the markets in which they operate.

Also, the research team integrates environmental, social and governance factors as part of its process.

In addition, the team employs both top-down and bottom-up analysis to select investments for the fund.

In its top down approach, the team utilizes the framework of the United Nations Sustainable Development Goals to integrate ESG considerations into its research and investment process.

As part of its bottom up approach, the team evaluates the potential of individual companies, while integrating ESG considerations into that process.

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 portfolio holds between 30 and 50 companies.

However, the fund’s net assets will be invested in equity securities, including common stocks, partnership interests, business trust shares and other equity investments or ownership interests in business enterprises.

The fund’s investments in foreign equity securities will be in both developed and emerging markets.

Additionally, the fund will be concentrated in securities of issuers having their principal business activities in groups of industries in the industrials or information technology sectors, although it will not concentrate in any specific industry.

The fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts and Global Depositary Receipts.

The fund is classified as a non-diversified investment company, which means that it may invest a high percentage of its assets in a limited number of issuers.

The fund seeks capital appreciation in the long term by investing in companies across any size 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 domestic and foreign equity securities of companies across multiple sectors, including healthcare, information technology, materials, energy and consumer discretionary that are relevant to the fund’s investment theme of the genomics revolution.

The team favors companies that are focused on extending and enhancing the quality of human and other life by incorporating technological and scientific developments and advancements in genomics into their business.

In selecting securities for the portfolio, the research team prefers companies that are capitalizing on disruptive innovation or that are enabling the further development of a theme in the markets in which they operate.

Also, the research team integrates environmental, social and governance factors as part of its process.

In addition, the team employs both top-down and bottom-up analysis to select investments for the fund.

In its top down approach, the team utilizes the framework of the United Nations Sustainable Development Goals to integrate ESG considerations into its research and investment process.

As part of its bottom up approach, the team evaluates the potential of individual companies, while integrating ESG considerations into that process.

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 portfolio holds between 40 and 60 companies.

However, the fund’s net assets will be invested in equity securities, including common stocks, partnership interests, business trust shares and other equity investments or ownership interests in business enterprises.

The fund’s investments in foreign equity securities will be in both developed and emerging markets.

Additionally, the fund will be concentrated in securities of issuers having their principal business activities in any industry or group of industries in the health care sector, including issuers having their principal business activities in the biotechnology industry.

Other industries in the health care sector include medical laboratories and research and drug manufacturers.

The fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts and Global Depositary Receipts.

The fund is classified as a non-diversified investment company, which means that it may invest a high percentage of its assets in a limited number of issuers.

The fund seeks capital appreciation in the long term by investing in companies across any size 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 domestic and foreign equity securities of companies that are relevant to the fund’s investment theme of disruptive innovation.

The team defines disruptive innovation as the introduction of a technologically enabled new product or service that potentially changes the way the world works.

In selecting securities for the portfolio, the research team prefers companies that are capitalizing on disruptive innovation or that are enabling the further development of a theme in the markets in which they operate.

Also, the research team integrates environmental, social and governance factors as part of its process.

In addition, the team employs both top-down and bottom-up analysis to select investments for the fund.

In its top down approach, the team utilizes the framework of the United Nations Sustainable Development Goals to integrate ESG considerations into its research and investment process.

As part of its bottom up approach, the team evaluates the potential of individual companies, while integrating ESG considerations into that process.

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 portfolio holds between 35 and 55 companies.

However, the fund’s net assets will be invested in equity securities, including common stocks, partnership interests, business trust shares and other equity investments or ownership interests in business enterprises.

The fund’s investments in foreign equity securities will be in both developed and emerging markets.

The fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts and Global Depositary Receipts.

The fund is classified as a non-diversified investment company, which means that it may invest a high percentage of its assets in a limited number of issuers.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 securities that are included in the benchmark Index, depositary receipts representing securities included in the Index or underlying stocks in respect of depositary receipts included in the Index.

The Index is designed to track the price movements of exchange listed Israeli Companies whose main business operations are causing disruptive innovation in the areas of genomics, health care, biotechnology, industrials, manufacturing, the Internet or information technology.

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.

However, the fund may utilize a representative sampling strategy with respect to the Index when it might not be possible or practicable to purchase all of the securities of the Index in approximately the same proportions as in the Index.

Also, the fund may concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

The fund is classified as a non-diversified investment company, which means that it may invest a high percentage of its assets in a limited number of issuers.

The fund seeks capital appreciation in the long term by investing in companies across any size 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 domestic and foreign equity securities of companies that are relevant to the fund’s investment theme of next generation internet.

Next generation internet companies are companies that are focused on shifting technology infrastructure to the cloud, enabling mobile, internet-based products and services, new payment methods, big data, artificial intelligence, the internet of things, and social media.

In selecting securities for the portfolio, the research team prefers companies that are focused on shifting the bases of technology infrastructure from hardware and software to the cloud, enabling mobile and local services, among others.

Also, the research team integrates environmental, social and governance factors as part of its process.

In addition, the team employs both top-down and bottom-up analysis to select investments for the fund.

In its top down approach, the team utilizes the framework of the United Nations Sustainable Development Goals to integrate ESG considerations into its research and investment process.

As part of its bottom up approach, the team evaluates the potential of individual companies, while integrating ESG considerations into that process.

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 portfolio holds between 35 and 55 companies.

However, the fund’s net assets will be invested in equity securities, including common stocks, partnership interests, business trust shares and other equity investments or ownership interests in business enterprises.

The fund’s investments in foreign equity securities will be in both developed and emerging markets.

Additionally, the fund will be concentrated in securities of issuers having their principal business activities in the Internet information provider and catalog and mail order house industry.

The fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts and Global Depositary Receipts.

The fund is classified as a non-diversified investment company, which means that it may invest a high percentage of its assets in a limited number of issuers.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index tracks the performance of exchange-listed Israeli technology operating companies.

Such companies may be engaged in a wide spectrum of technology related sectors, including information technology, biotechnology, clean energy and water technology and defense technology.

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.

However, the fund may utilize a representative sampling strategy with respect to the Index when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow the Index.

The fund may lend its portfolio securities to brokers, dealers, and other financial organizations.

Also, the fund will concentrate its investments in a particular industry or group of related industries to approximately the same extent that the Index is concentrated.

The fund seeks to provide long exposure to the dry bulk shipping market through a portfolio of near-dated freight futures contracts on dry bulk indices, 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 fund will hold freight futures with a weighted average of approximately three months to expiration, using a mix of one-to-six-month freight futures, based on the prevailing calendar schedule.

However, the fund intends to progressively increase its position to the next calendar quarter three-month strip while existing positions are maintained and settle in cash.

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 Benchmark Portfolio includes a combination of Capesize, Panamax and Supramax Freight Futures.

The Benchmark Portfolio includes 50% exposure in Capesize Freight Futures contracts, 40% exposure in Panamax Freight Futures contracts and 10% exposure in Supramax Freight Futures contracts.

In addition, the Benchmark Portfolio does not include and the fund will not invest in swaps, non-cleared dry bulk freight forwards or other over-the-counter derivative instruments that are not cleared through exchanges or clearing houses.

The fund may hold exchange-traded options on Freight Futures.

The fund holds cash or cash equivalents such as U.S. Treasuries or other high credit quality, short-term fixed-income or similar securities for direct investment or as collateral for the U.S. Treasuries and for other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis.

Also, the fund may realize interest income from its holdings in U.S. Treasuries or other market rate instruments.

The fund seeks income and capital appreciation by investing in companies across any size 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 equity securities, including common stock and depositary receipts, issued by publicly listed companies in developed and emerging markets that exhibit superior value characteristics.

The team then seeks to identify countries with undervalued securities markets.

In selecting securities for the portfolio, the research team utilizes measures such as valuation multiples on the basis of sales, earnings, and enterprise multiple.

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’s portfolio seeks to limit its exposure to any single country outside the United States to 20% of its net assets.

At least 40% of the fund’s holdings are estimated to be composed of securities of issuers domiciled or principally traded in at least three countries (including the United States).

Additionally, the fund may also invest in U.S.-listed exchange traded funds to gain exposure to the equity markets and issuers of developed and emerging market countries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive management investment strategy.

Next, the research team invests significantly in securities of the Index.

The Index is designed to measure the performance of a diversified group of publicly-listed companies considered to be Fintech Leaders.

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.

However, the fund may utilize a sampling methodology when it may not be possible or practicable to purchase all of the securities in the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index concentrates in an industry or group of industries.

Additionally, the fund may invest up to 20% of its net assets in investments that are not included in the Index

The fund will not invest in cryptocurrency directly or indirectly through the use of derivatives.

The fund also will not invest in initial coin offerings.

However, the fund may have indirect exposure to cryptocurrency by virtue of its investments in companies that may use one or more cryptocurrencies as part of their business activities.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive management investment strategy.

Next, the research team invests significantly in securities of the Index.

The Index is designed to measure the performance of companies that have business involvement in the development or use of or investment in new energy vehicles, autonomously driven vehicles, battery technology, renewable energy, and energy storage.

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.

However, the fund may utilize a sampling methodology when it may not be possible or practicable to purchase all of the securities in the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index concentrates in an industry or group of industries.

Additionally, the fund may invest up to 20% of its net assets in investments that are not included in the Index.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s 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 in stocks that have the potential for above-average long-term earnings and/or cash flow growth and meet the financial and environmental, social and governance (ESG) criteria.

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 inefficiently priced companies.

The team favors companies with superior fundamentals, incentive-driven management teams, dominant positions in niche markets and/or goods and services that are in high customer demand.

The team also evaluates the company’s business model, financial structure and management acumen.

In addition, the team prefers companies demonstrating growth opportunities.

However, for large company growth stocks, the team seeks companies that exhibit superior balance sheets, exceptional management teams and long-term, consistent operating histories.

When considering small- and medium-sized company growth stocks, the team focuses on companies with rapid earnings growth potential, unrecognized values, industry leadership and management teams that have a significant ownership stake.

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 capital appreciation in the long term by investing in large-size companies with the potential for high future earnings growth outside the United States.

The sub-adviser’s 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 equity securities or other instruments with similar economic characteristics of U.S. companies with large market capitalizations that meet its financial and environmental, social and governance (ESG) criteria.

The team focuses on high-quality companies with durable competitive advantages as evidenced by high returns on capital, superior balance sheets, and capable management teams that allocate capital in an efficient manner.

In addition, the team selects securities of companies that are category leaders having the potential to grow market share consistently.

The team also seeks to identify social or economic trends that will have an impact on the economy as a whole to support multi-year investment opportunities.

Additionally, the team favors companies with self-funding business models with significant recurring revenue and businesses and the ability to generate superior free cash flow over time.

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.

In addition, the fund will also consider emerging companies with promising future prospects that may not yet have demonstrated substantial profitability.

The fund may also invest in companies that are making substantial progress toward becoming a leader in ESG policies.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid-and large-size 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 securities of emerging markets consumer companies which comprise the Index.

The Index measures the performance of 60 leading emerging market companies in the Consumer Discretionary sector, Consumer Staples sector, and Communication Services sector, with the Index holding 20 companies in each sector.

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 Index as closely as possible utilizing ADRs, GDRs or ordinary local shares.

The fund invests in specific countries or geographic regions to approximately the same extent as the Index.

In addition, the fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies across any size 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 Indian consumer companies included in the Index.

The Index is a maximum 30-stock free-float adjusted market capitalization-weighted index designed to measure the market performance of companies in the consumer industry in India.

The team defines Indian consumer companies as companies in India whose businesses involve automobiles and parts, beverages, food production, household goods, leisure goods, personal goods, food and drug retail, general retail, media, travel and leisure, and tobacco.

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 Index as closely as possible utilizing ADRs, GDRs or ordinary local shares.

In addition, the fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

The fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s 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 securities issued by companies principally engaged in the financial services sector.

Financial services firms include areas such as banks, thrifts and mortgage, specialized finance, consumer finance, asset management, custody, investment banking, brokerage, insurance, financial exchanges and data, and mortgage REITs.

The team utilizes proprietary research to identify businesses that possess characteristics, such as proven management, a durable franchise and business model, and sustainable competitive advantages.

In selecting securities for the portfolio, the research team focuses on companies that are trading at a discount to their estimated intrinsic value.

In addition, the team routinely visits managers at their places of business in order to gain insight into the relative value of different businesses.

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 portfolio generally holds between 15 and 35 companies.

Additionally, the fund may invest in issuers in foreign countries, including countries with developed or emerging markets through American Depositary Receipts and Global Depositary Receipts.

The fund is non-diversified and, therefore, invests in fewer companies than a fund that is required to diversify its portfolio.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s 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 common stocks issued by both United States and foreign companies, including countries with developed or emerging markets.

The team utilizes proprietary research to identify businesses that possess characteristics, such as proven management, a durable franchise and business model, and sustainable competitive advantages.

In selecting securities for the portfolio, the research team focuses on companies that are trading at a discount to their estimated intrinsic value.

In addition, the team routinely visits managers at their places of business in order to gain insight into the relative value of different businesses.

The fund invests significantly in issuers organized or located outside of the U.S., or whose primary trading market is located outside the U.S., or doing a substantial amount of business outside the U.S.

Also, the fund will invest in issuers representing at least three different countries. These non-U.S. company investments may include American Depositary Receipts and Global Depositary Receipts.
 

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

The sub-adviser’s 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.

As part of its strategy, the fund employs a passive management or indexing approach to track the total return performance of the Index.

Next, the research team invests in securities or other investments not included in the Index.

The Index consists of a modified equal-weighted portfolio of the stock of companies whose products or services are predominantly tied to the development of quantum computing and machine learning technology.

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.

In addition, the fund employs a representative sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

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

The fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive management investment strategy.

Next, the research team invests in component securities of the Index.

The Index consists of companies domiciled globally that qualify as pure-play infrastructure companies — companies whose primary business is the ownership and operation of infrastructure assets.

The team invests principally in financial instruments, and determines the type, quantity and mix of investment positions the fund should hold to produce returns.

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.

In addition, the fund employs a representative sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide exposure to the returns of the Index, without regard to market conditions, trends or direction.

The fund will concentrate or focus its investments in a particular industry or group of industries, country or region to approximately the same extent the Index is so concentrated or focused.

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

The sub-adviser’s 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 in securities of the Index or in depositary receipts representing securities of the Index.

The Index is designed to measure the performance of an investable universe of publicly-traded, emerging market internet and ecommerce companies.

Internet Companies include companies in sectors, such as Internet Services, Internet Retail, Internet Broadcasting, Internet Media, Online Advertising, Online Travel, Online Gaming, Search Engines, and Social Networks.

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.

Also, the fund may invest up to 20% of its net assets in investments that are not included in the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index concentrates in an industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests in the component securities of the Index and in ADRs and GDRs based on the component securities in the Index.

The Index tracks the performance of companies across the globe that engage in providing cyber defense applications or services, or provide hardware or software for cyber defense activities.

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.

Additionally, the fund may invest up to 20% of its net assets in securities that are not in the Index.

The fund may lend its portfolio securities to brokers, dealers, and other financial organizations.

The fund will concentrate its investments in a particular industry or group of related industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests in the component securities of the Index and in ADRs and GDRs based on the component securities in the Index.

The Index tracks the performance of the equity securities of small-capitalization companies actively engaged in silver refining, mining, or exploration.

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.

Additionally, the fund may invest up to 20% of its net assets in securities that are not in the Index.

The fund will concentrate its investments in a particular industry or group of related industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests in the component securities of the Index and in ADRs and GDRs based on the component securities in the Index.

The Index tracks the mobile and electronic payments industry, specifically focusing on credit card networks, payment infrastructure and software services, payment processing services, and payment solutions (such as smartcards, prepaid cards, virtual wallets).

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.

Additionally, the fund may invest up to 20% of its net assets in securities that are not in the Index.

The fund may lend its portfolio securities to brokers, dealers, and other financial organizations.

The fund will concentrate its investments in a particular industry or group of related industries to approximately the same extent that the Index is concentrated.

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

The Index is designed to reflect the performance of companies involved in the video game technology industry, including game developers, console and chip manufacturers and game retailers.

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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in securities, ADRs, or GDRs of Video Gaming Companies.

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.

Additionally, the fund may invest up to 20% of its net assets in securities that are not in the Index.

The fund may lend its portfolio securities to brokers, dealers, and other financial organizations.

The fund will concentrate its investments in a particular industry or group of related industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is designed to track the performance of companies involved in the cloud computing industry.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is an indicated annual dividend yield weighted index of 100 stocks selected from the developed-market portion of the Dow Jones World Index.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the exchange-traded funds that comprise the Index.

The Index is designed to provide targeted exposure to the five First Trust sector and industry-based ETFs and an ultra-short duration ETF, the First Trust Enhanced Short Maturity ETF.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the exchange-traded funds that comprise the Index.

The Index is designed to provide targeted exposure to the five First Trust sector-based ETFs that offer the greatest potential to outperform the other ETFs in the selection universe and that satisfy certain trading volume and liquidity requirements.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index tracks companies actively engaged in large civil and capital projects such as infrastructure, utilities, transportation, telecommunications, commercial, residential, and commerce facilities and whose role is within the engineering, designing, planning, consulting, project managing, and/or constructing of these projects.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index measures the performance of public companies throughout the world that are active in the wind energy industry.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is designed to measure the performance of companies that are directly or indirectly engaged in improving agricultural yields.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is designed to measure the market performance of the 50 highest dividend yielding companies involved in the upstream (i.e., generally exploration and production) segment of the natural resources sector.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.
 

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is designed to track the performance of companies that are either actively using, investing in, developing, or have products that are poised to benefit from blockchain technology and/or the potential for increased efficiency that it provides to various business processes.

The Index seeks to include only companies that have devoted material resources to the use of blockchain technologies.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is designed to track the performance of companies engaged in the artificial intelligence (AI) and robotics segments of the technology, industrial and other economic sectors.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

Also, the fund may invest in securities issued by companies operating in emerging markets.

Additionally, the fund is classified as non-diversified.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is designed to track the performance of small, mid and large capitalization clean energy companies that are publicly traded in the United States.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is designed to act as a transparent and liquid benchmark for the grid and electric energy infrastructure sector.

The Index includes companies that are primarily engaged and involved in electric grid, electric meters and devices, networks, energy storage and management, and enabling software used by the smart grid infrastructure sector.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is designed to track the performance of companies engaged in the cybersecurity segment of the technology and industrials sectors.

It includes companies primarily involved in the building, implementation, and management of security protocols applied to private and public networks, computers, and mobile devices in order to provide protection of the integrity of data and network operations.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is designed to track the performance of the largest and most liquid companies engaged in the manufacturing of automobiles.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index includes up to 100 technology and telecommunications companies that pay a regular or common dividend.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the common stocks and depositary receipts that comprise the Index.

The Index is designed to track the performance of small, mid and large capitalization companies that derive a substantial portion of their revenues from the potable water and wastewater industry.

Such industry exposure includes water distribution, infrastructure (pumps, pipes, and valves), water solutions (purification and filtration), and ancillary services such as consulting, construction and metering.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to quality, value and momentum factors.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

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 or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Additionally, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index reflects the performance of a selection of equity securities that are traded in or are issued by companies domiciled in global developed or emerging markets (including the U.S.).

The companies included in the Underlying Index have significant business operations in the ownership, management and/or production of natural resources in energy, agriculture, precious or industrial metals, timber and water resources sectors.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

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 or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Additionally, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

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

The fund is a fund of funds and invests primarily in the shares of other FlexShares ETFs (each an Underlying Fund and together, the Underlying Funds).

The Underlying Funds invest primarily in separate sets of securities representing or providing exposures to global real assets.

Examples of real assets include but are not limited to commodities, precious metals, oil, and real estate.

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.

As part of its strategy, the fund employs a passive or indexing approach.

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

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

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 will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Additionally, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, offer broad exposure to publicly-traded developed- and emerging-market infrastructure companies, including U.S. companies.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

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 or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Additionally, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks capital appreciation 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.

The fund is a fund of funds.

Next, the research team invests in other unaffiliated ETFs primarily in domestic and foreign (including emerging markets) growth-oriented equity securities of any market capitalization and U.S. Treasuries or other cash equivalents.

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 typically holds 6-7 ETFs in its portfolio.

The fund is generally 100% invested in growth-oriented equity ETFs when the investment models indicate a bullish trend for the equity market.

However, the fund is generally 50% invested in growth-oriented equity ETFs and 50% invested in U.S. Treasuries and/or U.S. short-term bonds to hedge risk when the models indicate a bearish trend for the equity markets.

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

As part of its strategy, the fund employs a passive or indexing investment approach.

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 component securities of the Global Dividend Underlying Index and in depositary receipts representing such securities.

The Global Dividend Underlying Index includes stocks from developed and emerging market countries with high and persistent dividend income that have favorable exposure to a quality investment style factor.

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.

Additionally, the fund employs a representative sampling strategy to select securities that collectively have an investment profile similar to that of the Global Dividend Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Global Dividend Underlying Index is concentrated.

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

As part of its strategy, the fund employs a passive or indexing investment approach.

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 component securities of the Global Equity Underlying Index and in depositary receipts representing such securities.

The Global Equity Underlying Index includes stocks from developed and emerging market countries that have favorable exposure to multiple investment style factors.

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.

Additionally, the fund employs a representative sampling strategy to select securities that collectively have an investment profile similar to that of the Global Equity Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Global Equity Underlying Index is concentrated.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the Parent Index) that are classified in the materials sector.

The securities eligible for inclusion in the Underlying Index include H-Shares, B-Shares, Red Chips, P-Chips, A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, and foreign listings such as American Depository Receipts.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund also invests significantly in securities of materials companies that are economically tied to China.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that facilitate the demographic trend of longer average life spans and the aging of the global population, including but not limited to companies involved in biotechnology, medical devices, pharmaceuticals, senior living facilities and specialized health care services.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is comprised of securities that rank among the highest dividend-yielding securities in each eligible category of alternative income investments.

Alternative income investments that are eligible for inclusion in the Underlying Index fall into one of four classes, such as Master Limited Partnerships and Infrastructure, Real Estate, Institutional Managers, and Fixed Income and Derivative Strategies.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may lend securities representing up to one-third of the value of its net assets.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index.

The Underlying Index is designed to track the performance of companies involved in the development and utilization of artificial intelligence ("AI") and big data.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may lend securities representing up to one-third of the value of its net assets.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are involved in the development of electric vehicles and/or autonomous vehicles, including companies that produce electric/hybrid vehicles, electric/hybrid vehicle components and materials, autonomous driving technology, and network connected services for transportation.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the copper mining industry.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund also invests significantly in securities of companies that are economically tied to the copper mining industry.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that provide financial technology products and services, including companies involved in mobile payments, peer-to-peer and marketplace lending, financial analytics software and alternative currencies.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may lend securities representing up to one-third of the value of its net assets.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is a free float-adjusted, liquidity-tested and market capitalization-weighted index that is designed to measure broad-based equity market performance of global companies involved in gold exploration.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund also invests significantly in securities of companies that are economically tied to the gold exploration industry.

Companies economically tied to the gold exploration industry include those engaged in the exploration of gold mining projects.

Also, the fund may lend securities representing up to one-third of the value of its net assets.
 

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that provide products and services that facilitate physical wellness through active and healthy lifestyles, including but not limited to companies involved in fitness equipment, fitness technology, athletic apparel, nutritional supplements, and organic/natural food offerings.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the lithium industry.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund also invests significantly in securities of companies that are economically tied to the lithium industry.

Companies economically tied to the lithium industry include those engaged in lithium mining and lithium battery production.

Also, the fund may lend securities representing up to one-third of the value of its net assets.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the Parent Index) that are classified in the financials sector.

The securities eligible for inclusion in the Underlying Index include H-Shares, B-Shares, Red Chips, P-Chips, A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, and foreign listings such as American Depository Receipts.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund also invests significantly in securities of financials companies that are economically tied to China.

The fund may lend securities representing up to one-third of the value of its net assets.
 

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the Parent Index) that are classified in the industrials sector.

The securities eligible for inclusion in the Underlying Index include H-Shares, B-Shares, Red Chips, P-Chips, A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, and foreign listings such as American Depository Receipts.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund also invests significantly in securities of industrials companies that are economically tied to China.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to provide exposure to publicly traded companies that produce energy from renewable sources including wind, solar, hydroelectric, geothermal, and biofuels.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may lend securities representing up to one-third of the value of its net assets.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the silver mining industry.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund also invests significantly in securities of companies that are economically tied to the silver mining industry.

Companies economically tied to the silver mining industry include those engaged in silver mining and/or closely related activities such as exploration and refining.

Also, the fund may lend securities representing up to one-third of the value of its net assets.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index tracks the equity performance of the largest and most liquid companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may lend securities representing up to one-third of the value of its net assets.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index tracks the performance of 100 equally-weighted companies that rank among the highest dividend yielding equity securities in the world, including emerging market countries.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may lend securities representing up to one-third of the value of its net assets.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index tracks the performance of REITs that rank among the highest yielding REITs globally.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund also invests significantly in securities of Real Estate Investment Trusts.

Also, the fund may lend securities representing up to one-third of the value of its net assets.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index.

The Underlying Index is designed to measure the performance of U.S. listed companies that provide exposure to domestic infrastructure development, including companies involved in construction and engineering; production of infrastructure raw materials, composites and products; industrial transportation; and producers/distributors of heavy construction equipment.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may lend securities representing up to one-third of the value of its net assets.

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

As part of its strategy, the fund employs a passive or indexing approach.

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 of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to measure broad based equity market performance of global companies involved in the uranium industry.

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.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund also invests significantly in securities of companies that are active in some aspect of the uranium industry such as mining, refining, exploration, manufacturing of equipment for the uranium industry, technologies related to the uranium industry or the production of nuclear components.

The fund may also invest in companies that do not derive a significant percentage of revenues from activities related to the uranium industry, but generate large absolute revenues from the uranium industry.

Also, the fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in large and mid-size 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 component securities of the Underlying Index.

The Underlying Index is designed to measure the performance of companies globally that display a commitment to the United Nations’ Sustainable Development Goals, adhere to the principles of the UN Global Compact, display a commitment to reducing poverty and supporting economic development globally and have exposure to countries with low levels of socioeconomic development.

Additionally, the research team employs a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability, leverage and price to earnings ratios, and liquidity characteristics.

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 will invest in at least three countries, including the United States.

Also, at least 40% of its net assets will be invested in the securities of non-U.S. companies, which may be in both developed and emerging market countries.

The fund may invest 20% of its net assets in securities and instruments not included in the Underlying Index.

However, the fund may invest in securities of any type and of companies of any market capitalization, market sector or industry.

The fund may or may not hold all of the securities in the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent as the Underlying Index is so concentrated.

The fund also may invest in warrants and may also utilize derivatives, primarily swaps, options and futures contracts on securities, interest rates and/or currencies.

In addition, the fund may be invested in cash and cash equivalents, including shares of money market funds advised by the Adviser or its affiliates.

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

The sub-adviser’s 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.

As part of its strategy, the fund employs an indexing investment approach to replicate the performance of the Index.

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

The Index seeks to track companies identified as being on the frontier of the development of new technologies that have the potential to have an outsized influence on the future.

These include, but are not limited to, companies engaged in the development and utilization of artificial intelligence, robotics, autonomous vehicle technologies, virtual reality, mixed/augmented reality and other similarly disruptive technological innovations.

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.

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

The fund is classified as non-diversified.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the component securities of the Index.

The Index is typically comprised of 50% domestic securities, 40% in developed foreign securities, and 10% in emerging market securities.

The team invests into inspiring, biblically aligned large companies from both the U.S. and around the world.

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 will invest at least 40% of its net assets in securities of companies in at least 3 countries outside the U.S.

Also, the fund may concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities that comprise the Underlying Index, as well as American depositary receipts and global depositary receipts that represent securities in the Underlying Index.

The Underlying Index includes constituents of the FTSE China Index and FTSE China A Stock Connect Index that are classified as information technology securities.

The Underlying Index may include China A-Shares, B Shares, H Shares, N Shares, Red Chips, P Chips and S Chips.

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 Underlying Index.

Additionally, the fund will concentrate its investments in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities that comprise the Underlying Index, as well as American depositary receipts and global depositary receipts that represent securities in the Underlying Index.

The Underlying Index is comprised of securities of companies that are located in developed and emerging markets throughout the world and that are engaged in the business of the advancement of cleaner energy and conservation.

The Underlying Index is comprised primarily of companies whose technologies focus on the generation and use of cleaner energy, conservation and efficiency, and the advancement of renewable energy in general.

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 Underlying Index.

Additionally, the fund will concentrate its investments in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 securities ((including American depositary receipts and global depositary receipts) that comprise the Underlying Index.

The Underlying Index is composed of securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies, master limited partnerships, alternative asset managers and other entities whose principal businesses are to invest in, lend capital to, or provide services to privately held businesses.

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 Underlying Index.

Additionally, the fund will concentrate its investments in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities that comprise the Underlying Index, as well as American depositary receipts and global depositary receipts that are based on the securities in the Underlying Index.

The Underlying Index is comprised of securities of global exchange-listed companies located in the United States, as well as developed and emerging markets that create products designed to conserve and purify water for homes, businesses and industries.

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 Underlying Index.

Additionally, the fund will concentrate its investments in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities that comprise the Underlying Index, as well as American depositary receipts and global depositary receipts that represent securities in the Underlying Index.

The Underlying Index is comprised of companies in both developed and emerging markets that are primarily engaged in the ownership and management of forests and timberlands and the production of finished products that use timber as a raw material.

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 Underlying Index.

Additionally, the fund will concentrate its investments in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities that comprise the Underlying Index.

The Underlying Index is comprised of companies that focus on offering products or services that contribute to a more environmentally sustainable economy by making a more efficient use of limited global natural resources.

The Underlying Index is designed to maximize exposure to six Environmental Impact Themes, such as alternative energy, energy efficiency, green building, sustainable water, pollution prevention and control, and sustainable agriculture.

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 Underlying Index.

Additionally, the fund will concentrate its investments in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities that comprise the Underlying Index, as well as American depositary receipts and global depositary receipts that represent securities in the Underlying Index.

The Underlying Index is designed to measure the performance of approximately 50 of the largest global companies in water-related businesses.

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 Underlying Index.

Additionally, the fund will concentrate its investments in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities that comprise the Underlying Index.

The Underlying Index is designed to track the performance of companies in global solar energy businesses.

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 Underlying Index.

Additionally, the fund will concentrate its investments in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities that comprise the Underlying Index.

The Underlying Index is designed to track the performance of companies that create products designed to conserve and purify water for homes, businesses and industries.

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 Underlying Index.

Additionally, the fund will concentrate its investments in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities that comprise the Underlying Index.

The Underlying Index is composed of stocks of publicly traded companies in the United States that are engaged in the business of the advancement of cleaner energy and conservation or are important to the development of clean energy.

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 Underlying Index.

Additionally, the fund will concentrate its investments in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive management or indexing investment approach to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in the Underlying Index.

The Underlying Index is designed to provide exposure to developed market companies involved in the production and distribution of commodities and commodities-related products and services across the Precious Metals, Grains, Food and Fiber, Energy, Industrial Metals, Timber and Water sectors.

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.

In addition, the fund may invest up to 20% of its net assets in investments not included in its Underlying Index.

The fund also may invest in Affiliated ETFs that are not components of the index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is designed to track the performance of 30 of the largest publicly listed companies in the infrastructure industry in emerging markets.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of stocks of developed and emerging market companies that create or use exponential technologies. 
The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is designed to measure the performance of the stocks of approximately 100 large-capitalization global companies. 
The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is designed to measure the performance of global equities in the consumer discretionary sector. 
The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is designed to measure the performance of global equities in the consumer staples sector. 
The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of global equities in the energy sector. 
The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of global equities in the financials sector. 
The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of global equities in the healthcare sector. 
The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of global equities in the industrials sector. 
The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of developed market equities in the infrastructure industry.

The Underlying Index includes companies involved in utilities, energy and transportation infrastructure, such as the management or ownership of oil and gas storage and transportation; airport services; highways and rail tracks; marine ports and services; and electric, gas and water utilities. 
The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of global equities in the materials sector.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is designed to track the performance of publicly-listed real estate investment trusts in both developed and emerging markets.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of global equities in the technology sector.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of large and mid-capitalization developed and emerging market equities.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of large and mid-capitalization developed and emerging market equities with a lower carbon exposure than that of the broad market.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of developed market European equities in the financials sector.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index measures the combined performance of equity securities of companies in both developed and emerging markets that are primarily engaged in the business of agriculture.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of companies in both developed and emerging markets that are primarily engaged in the business of energy exploration and production.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of 30 companies in developed and emerging markets that are involved in the business of gold mining.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of equity securities of companies in both developed and emerging markets that are primarily involved in the extraction or production of diversified metals, the production of aluminum or steel, and in the mining of precious metals and minerals (excluding gold and silver).

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of large and mid-capitalization developed and emerging market stocks that have favorable exposure to target style factors subject to constraints.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index seeks to focus on approximately 25 companies in developed and emerging markets that are involved in silver mining or exploration.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed exclusively of companies whose core business addresses at least one of the world’s major social and environmental challenges, as defined by the United Nations Sustainable Development Goals (UN SDGs).

Examples of sustainable impact categories within the UN SDGs include nutritious food, treatment of major diseases, sanitary products, education, affordable housing, energy efficiency, green building, sustainable water, and pollution prevention.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index measures the performance of U.S.-traded stocks of natural resource-related companies in the U.S. and Canada.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of developed and emerging market companies that could benefit from the long-term growth and innovation in robotics technologies and artificial intelligence.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is designed to measure the performance of equity securities of U.S. companies involved in U.S. focused infrastructure activities.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 equity securities of the Underlying Index and in depositary receipts representing such securities.

The Underlying Index is designed to measure the equity market performance of investable publicly traded China-based companies whose primary business or businesses are in the Internet and Internet-related sectors, and are listed outside of mainland China.

The team utilizes a representative sampling strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.

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.

To the extent the Underlying Index is concentrated in a particular industry, the fund is estimated to be concentrated in that industry.

The fund is non-diversified.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 components of the Underlying Index, depositary receipts, including American depositary receipts, representing such components, securities underlying depositary receipts in the Underlying Index and instruments that have economic characteristics similar to securities included in the Underlying Index.

The Underlying Index is designed to measure the equity market performance of companies engaged in the production of electric vehicles or their components or in other initiatives that are estimated to change the future of mobility.

This includes companies that are estimated to derive significant revenues from electric vehicles, energy storage technologies, autonomous navigation technology, lithium and copper mining, and hydrogen fuel cells.

The team utilizes a representative sampling strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.

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.

To the extent the Underlying Index is concentrated in a particular industry, the fund is estimated to be concentrated in that industry.

The fund may invest up to 20% of its net assets in instruments that are not included in the Underlying Index.

Also, the fund may engage in securities lending.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 components of the Underlying Index, depositary receipts, including American depositary receipts, representing such components and securities underlying depositary receipts in the Underlying Index.

The Underlying Index is composed of the equity securities of the 50 largest companies by market capitalization that derive the most revenue from an Emerging and Frontier Market.

The team utilizes a representative sampling strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.

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.

To the extent the Underlying Index is concentrated in a particular industry, the fund is estimated to be concentrated in that industry.

The fund may invest up to 20% of its net assets in instruments that are not included in the Underlying Index.

Also, the fund may engage in securities lending.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 components of the Underlying Index, depositary receipts, including American depositary receipts, representing such components and securities underlying depositary receipts in the Underlying Index.

The Underlying Index is designed to measure the equity market performance of emerging market companies as being in the health technology or health services industries.

The Underlying Index includes companies in the pharmaceuticals, biotechnology, medical specialties, managed health care, hospital/nursing management, medical/nursing services and services to the health industry businesses.

The team utilizes a representative sampling strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.

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.

To the extent the Underlying Index is concentrated in a particular industry, the fund is estimated to be concentrated in that industry.

The fund may invest up to 20% of its net assets in instruments that are not included in the Underlying Index.

Also, the fund may engage in securities lending.

The fund is non-diversified.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 components of the Underlying Index, depositary receipts, including American depositary receipts, representing such components and securities underlying depositary receipts in the Underlying Index.

The Underlying Index is designed to measure the equity market performance of Chinese companies in the healthcare sector.

The securities eligible for inclusion in the Underlying Index include all types of publicly issued shares of Chinese issuers, such as A-Shares, B-Shares, H-Shares, P-Chips and Red Chips.

The team utilizes a representative sampling strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.

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.

To the extent the Underlying Index is concentrated in a particular industry, the fund is estimated to be concentrated in that industry.

The fund may invest up to 20% of its net assets in instruments that are not included in the Underlying Index.

Also, the fund may engage in securities lending.

The fund is non-diversified.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 components of the Underlying Index, depositary receipts, including American depositary receipts, representing such components and securities underlying depositary receipts in the Underlying Index.

The Underlying Index is designed to measure the equity market performance of listed companies with high revenue exposure to the Chinese government’s One Belt, One Road initiative.

The One Belt, One Road initiative is designed to increase the interconnectedness between China and other Eurasian countries by making infrastructure investments that are estimated  to increase such interconnectedness, such as building new roads and improved communications networks.

The team utilizes a representative sampling strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.

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.

To the extent the Underlying Index is concentrated in a particular industry, the fund is estimated to be concentrated in that industry.

The fund may invest up to 20% of its net assets in instruments that are not included in the Underlying Index.

Also, the fund may engage in securities lending.

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

The sub-adviser’s 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.

As part of its strategy, the fund employs a passive or indexing investment approach.

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

The Underlying Index is composed of infrastructure-related equity securities from global markets constructed through the application of several fundamental factors.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index.

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 will concentrate its investments in a particular industry to approximately the same extent that the Underlying Index is concentrated in the securities of such particular industry.

The fund may or may not hold all of the securities in the Underlying Index.

Also, the fund may invest up to 20% of its net assets in certain index futures, options, and options on index futures related to its Underlying Index and its component securities; cash and cash equivalents; other investment companies, including exchange-traded funds; and in securities and other instruments not included in its Underlying Index.

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

The sub-adviser’s 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.

As part of its strategy, the fund employs a passive management or indexing approach to track the performance of the Index.

Next, the research team invests significantly in the component securities and depositary receipts that make up the Index.

The Index seeks to track the performance of a modified equal-weighted portfolio of companies directly involved in the growth of China’s pharmaceutical and biotech related industries.

The Index includes pharmaceutical companies, biotech companies, drug manufacturers, diagnostics companies, wholesalers or distributors of biopharma products, and biopharma service providers.

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 Underlying Index.

In addition, the fund employs a representative sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

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

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

The sub-adviser’s 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 components of the Index.

The Index is designed to track stocks exhibiting quality and growth characteristics in the internet sector.

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.

To the extent that the Index concentrates in the securities of a particular industry or group of industries, the fund is estimated to concentrate to approximately the same extent.

In addition, the fund employs a representative sampling strategy, which means that the fund would invest in a representative sample of the component securities of the Index.

The fund may invest up to 20% of its net assets in investments not included in the Index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive management or indexing investment approach that is designed to track the total return performance of the Index.

Next, the research team invests significantly in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities.

The Index is designed to provide exposure to global companies with high dividend yields backed by a high free cash flow yield.

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 seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 component securities of the Index.

The Index consists of up to 30 qualifying listed private equity companies.

The team determines the type, quantity and mix of investment positions the fund should hold to produce returns.

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.

In addition, the fund employs a representative sampling strategy to invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments.

The fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide exposure to the returns of the Index without regard to market conditions, trends or direction.

Also, the fund will concentrate or focus its investments in a particular industry or group of industries, country or region to approximately the same extent the Index is so concentrated or focused.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

The Index consists of long positions in the online retailers included in the ProShares Online Retail Index (the Online Index) and short positions in the bricks and mortar retailers included in the Solactive-ProShares Bricks and Mortar Retail Store Index (the Retail Store Index).

Next, the research team invests significantly in the component securities of the Online Index.

However, the fund intends to obtain short exposure to the positions in the Retail Store Index by investing in derivatives.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce returns.

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.

In addition, the fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments.

The fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide exposure to the returns of the Index without regard to market conditions, trends or direction.

Also, the fund will concentrate or focus its investments in a particular industry or group of industries, country or region to approximately the same extent the Index is so concentrated or focused.

The fund invests in financial instruments, and estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the component securities of the Index.

The Index is designed to measure the performance of publicly traded companies that principally sell online or through other non-store sales channels, such as through mobile or app purchases.

The team determines the type, quantity and mix of investment positions the fund should hold to produce returns.

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.

In addition, the fund employs a representative sampling strategy to invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments.

The fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide exposure to the returns of the Index without regard to market conditions, trends or direction.

Also, the fund will concentrate or focus its investments in a particular industry or group of industries, country or region to approximately the same extent the Index is so concentrated or focused.

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

The sub-adviser’s 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 securities of the Index or in depositary receipts representing securities of the Index.

The Index is designed to measure the performance of robotics-related and/or automation-related companies.

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.

In addition, the research team employs a sampling methodology under various circumstances, including when it may not be possible or practicable to purchase all of the securities in the Index.

The fund may invest up to 20% of its net assets in investments that are not included in the Index.

Also, the fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index concentrates in an industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 component securities of the Index.

The Index is designed to measure the returns of companies that are committing material resources to developing, researching, supporting, innovating or utilizing blockchain technology for their proprietary use or for use by others.

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.

In addition, the research team employs a representative sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

The fund seeks to remain fully invested at all times in securities that provide exposure to the Index without regard to market conditions, trends or direction.

To the extent the Index has significant exposure to a particular sector or is concentrated in a particular industry, the fund will necessarily have significant exposure to that sector or be concentrated in that industry.

The fund estimates to invest in common stocks, American Depositary Receipts and Global Depositary Receipts.

Additionally, the fund does not intend to invest in cryptocurrency directly, but may have indirect exposure to cryptocurrency by virtue of its investments in companies that may use one or more cryptocurrencies.

The fund is considered to be non-diversified, and may invest in the securities of fewer issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities comprising the Index and in depositary receipts based on securities comprising the Index.

The Index is designed to measure the performance of publicly traded global real estate securities.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, 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.

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.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities comprising the Index.

The Index is made up of approximately 150 companies from around the world, and has been designed to cover both developed and emerging countries.

The companies are selected not just based on size and reputation, but also on their importance in the global economy.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, 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.

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.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities comprising the Index and in depositary receipts based on securities comprising the Index.

The Index is designed to address two dimensions of carbon exposure – carbon emissions and fossil fuel reserves, expressed as potential emissions.

The Index is designed to achieve a target level of tracking relative to a broad market index (such as the Parent Index) while minimizing the carbon exposure.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, 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.

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.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities comprising the Index and in depositary receipts based on securities comprising the Index.

The Index is designed to measure the performance of high dividend-yield companies included in the S&P Global BMI that have followed a managed-dividends policy of increasing or stable dividends for at least ten consecutive years.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, 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.

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.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities comprising the Index and in depositary receipts based on securities comprising the Index.

The Index is comprised of 75 of the largest publicly listed infrastructure companies, and is designed to provide liquid exposure to the leading publicly listed companies in the global infrastructure industry, from both developed markets and emerging markets.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, 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.

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.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities comprising the Index and in depositary receipts based on securities comprising the Index.

The Index is comprised of 90 of the largest U.S. and foreign publicly-traded companies, based on market capitalization, in the natural resources and commodities businesses.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, 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.

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.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities comprising the Index.

The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Clean Power sector.

The Index is designed to capture companies whose products and services are driving innovation behind clean power.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, 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.

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.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 the securities comprising the Index.

The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Intelligent Infrastructure sector.

The Index is designed to capture companies whose products and services are driving innovation behind intelligent infrastructure.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, 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.

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.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.

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

The sub-adviser’s 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.

As part of its strategy, the fund employs a passive management or indexing investment approach to track the performance of the Underlying Index.

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

The Underlying Index aims to track the performance of larger-sized gold companies whose stocks are listed on Canadian and major U.S. exchanges.

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 engage in securities lending.

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

The sub-adviser’s 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.

As part of its strategy, the fund employs a passive management or indexing investment approach to track the performance of the Underlying Index.

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

The Underlying Index aims to track the performance of junior gold companies primarily located in the U.S., Canada and Australia.

Junior companies include early stage mining companies that are in the exploration stage only or that hold properties that might not ultimately produce gold.

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 engage in securities lending.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs an indexing investment approach to track the investment performance of the Underlying Index.

Next, the research team invests significantly in securities that are included in the fund’s benchmark Index, depositary receipts representing securities included in the Index or underlying stocks in respect of depositary receipts included in the Index.

The Index is designed to track the price movements of stocks of companies involved in the 3D printing industry.

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.

In addition, the research team employs a representative sampling strategy, when it might not be possible or practicable to purchase all of the securities of the Index in approximately the same proportions as in the Index.

The fund may concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts and Global Depositary Receipts.

The fund is classified as non-diversified, which means that it may invest a high percentage of its assets in a limited number of issuers.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive management or indexing approach to track the performance of the Index.

The Index is composed of the common stock or ADRs of Precious Metals Companies across the globe that earn at least 50 percent of their aggregate revenue from precious metals.

Precious metals consist of gold, silver, platinum, and palladium.

Next, the research team invests significantly in Precious Metals Companies.

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.

In addition, the fund employs a representative sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

The fund invests 20% of its net assets in Precious Metals Companies that primarily derive their revenue from gold.

Also, the fund generally may invest in securities or other investments not included in the Index.

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

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive management or indexing approach to track the performance of the Index.

The Index is composed of the exchange-listed common stock (or depositary receipts) of U.S. and international passenger airlines, aircraft manufacturers, airports, and terminal services companies across the globe.

Next, the research team invests significantly in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities.

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.

In addition, the fund employs a representative sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Also, the fund generally may invest in securities or other investments not included in the Index.

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

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

Next, the research team invests significantly in securities that comprise the benchmark index.

The Index includes equity securities of companies in the agribusiness segment.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

Next, the research team invests significantly in securities that comprise the benchmark index.

The Index includes common stocks and depositary receipts of U.S. exchange-listed companies in the biotechnology industry.

Such companies may include medium-capitalization companies and foreign companies that are listed on a U.S. exchange.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

Next, the research team invests significantly in common stocks and American depositary receipts of companies involved in the environmental services industry.

The Index is designed to measure the performance of companies engaged in business activities that may benefit from the global increase in demand for consumer waste disposal, removal and storage of industrial by-products, and the management of associated resources.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

Next, the research team invests significantly in securities that comprise the benchmark index.

The Index includes companies that generate at least 50% of their revenues from gaming.

Gaming includes casinos and casino hotels, sports betting (including internet gambling and racetracks) and lottery services as well as gaming services, gaming technology and gaming equipment.

Such companies may include small- and medium-capitalization companies and foreign companies that are listed on a U.S. or foreign exchanges.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver.

Such companies may include small- and medium-capitalization companies and foreign issuers.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index is intended to track the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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 securities that comprise the Index.

The Index is intended to track the overall performance of attractively priced global companies with sustainable competitive advantages.

In selecting securities for the portfolio, the research team focuses on companies that are trading at a discount to their estimated intrinsic value.

The team focuses on companies that possess durable competitive advantages, or moats.

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 total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index is comprised of companies engaged in the production and distribution of commodities and commodity-related products and services in sectors, such as Agriculture, Alternatives (Water & Alternative Energy), Base and Industrial Metals, Energy, Forest Products, and Precious Metals.

Such companies may include small- and medium-capitalization companies and foreign issuers.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index includes equity securities and depositary receipts of companies in the global oil refining segment.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index includes common stocks and depositary receipts of U.S. exchange-listed companies in the pharmaceutical industry.

Such companies may include medium-capitalization companies and foreign companies that are listed on a U.S. exchange.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index includes companies primarily engaged in a variety of activities that are related to the producing, refining and recycling of rare earth and strategic metals and minerals.

Such companies may include small- and medium- capitalization companies and foreign and emerging market issuers.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index is intended to track the overall performance of companies involved in retail distribution; wholesalers; online, direct mail and TV retailers; multi-line retailers; specialty retailers, such as apparel, automotive, computer and electronics, drug, home improvement and home furnishing retailers; and food and other staples retailers.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index includes common stocks and depositary receipts of U.S. exchange-listed companies in the semiconductor industry.

Such companies may include medium-capitalization companies and foreign companies that are listed on a U.S. exchange.

Semiconductors include companies engaged primarily in the production of semiconductors and semiconductor equipment.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index is intended to track the overall performance of companies involved in the steel sector.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index includes equity securities and depositary receipts issued by companies involved in uranium and nuclear energy.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

As part of its strategy, the fund employs a passive or indexing investment approach to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index.

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

The Index is a global index that tracks the performance of the global video gaming and eSports segment.

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 concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Also, the fund is classified as a non-diversified fund, and, therefore, may invest a greater percentage of its assets in a particular issuer.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, 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.

The process employs an indexing investment approach to track the performance of the FTSE Global All Cap Index.

Next, the research team invests in stocks of companies located in developed and emerging markets.

The Index is designed to measure the market performance of large-, mid-, and small-capitalization stocks of companies located around the world.

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 attempts to sample the target index by investing all, or substantially all, of its net assets in common stocks in the Index.

In addition, the fund holds a representative sample of securities that resembles the full Index in terms of key risk factors and other characteristics.

These factors include industry weightings, country weightings, market capitalization, and other financial characteristics of stocks.

The fund seeks capital appreciation in the long term and current income by investing in companies across any size outside the United States.

The sub-adviser’s 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 in domestic and foreign companies that demonstrate attractive prospects for growth in a company’s intrinsic value.

In selecting securities for the portfolio, the research team focuses on companies with attractive financial stability characteristics.

Dividend payments may be considered as part of the evaluation process.

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 invest up to 50% of its net assets in the securities of issuers in emerging markets, and up to 20% of its net assets in high-yield bonds.

Additionally, the fund may also invest in other investment companies, including other ETFs.

The types of equity securities in which the fund will generally invest include common stocks, preferred stocks, rights, warrants, convertibles, exchange-traded funds, real estate investment trusts and master limited partnerships.

The types of debt securities in which the fund will generally invest include fixed, floating, and variable rate corporate debt securities, U.S. Government securities, debt securities of foreign issuers, sovereign debt securities, U.S. Government agency securities, high-yield bonds, ETFs, and exchange-traded notes.

From time to time, the fund may invest in and hold a significant percentage of its net assets in cash or cash equivalents.

The fund seeks capital appreciation in the long term and current income by investing in companies across any size outside the United States.

The sub-adviser’s 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 in domestic and foreign companies that demonstrate attractive prospects for growth in a company’s intrinsic value.

In selecting securities for the portfolio, the research team focuses on companies with attractive value characteristics.

Dividend payments may be considered as part of the evaluation process.

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 invest up to 50% of its net assets in the securities of issuers in emerging markets, and up to 20% of its net assets in high-yield bonds.

Additionally, the fund may also invest in other investment companies, including other ETFs.

The equity securities in which the fund will generally invest include common stocks, preferred stocks, rights, warrants, convertibles, exchange-traded funds, real estate investment trusts and master limited partnerships.

The debt securities in which the fund will generally invest include fixed, floating, and variable rate corporate debt securities, U.S. Government securities, debt securities of foreign issuers, sovereign debt securities, U.S. Government agency securities, high-yield bonds, ETFs, and exchange-traded notes.

From time to time, the fund may invest in and hold a significant percentage of its net assets in cash or cash equivalents.

The fund seeks capital appreciation in the long term and current income by investing in companies across any size outside the United States.

The sub-adviser’s 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 in domestic and foreign companies that demonstrate attractive prospects for growth in a company’s intrinsic value.

In selecting securities for the portfolio, the research team focuses on companies with attractive yield characteristics.

The consistency of dividend payments is generally considered as part of the evaluation process.

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 invest up to 50% of its net assets in the securities of issuers in emerging markets, and up to 20% of its net assets in high-yield bonds.

Additionally, the fund may also invest in other investment companies, including other ETFs.

The equity securities in which the fund will generally invest include common stocks, preferred stocks, rights, warrants, convertibles, exchange-traded funds, real estate investment trusts and master limited partnerships.

The debt securities in which the fund will generally invest include fixed, floating, and variable rate corporate debt securities, U.S. Government securities, debt securities of foreign issuers, sovereign debt securities, U.S. Government agency securities, high-yield bonds, ETFs, and exchange-traded notes.

From time to time, the fund may invest in and hold a significant percentage of its net assets in cash or cash equivalents.

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

The sub-adviser’s 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.

As part of its strategy, the fund employs a passive management or indexing investment approach to track the performance of the Index.

Next, the research team invests significantly in component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities.

The Index is comprised of high dividend-yielding companies selected from the WisdomTree Global Dividend Index, which defines the dividend-paying universe of companies in the U.S., developed countries and emerging markets throughout the world.

In addition, the research team employs a representative sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

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.

To the extent the 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 Index.