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

The fund utilizes a representative sampling strategy to weight companies with more favorable characteristics with respect to women’s leadership (e.g., number of women in executive positions or on the board of directors).

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

The fund utilizes a representative sampling strategy to weight companies with more favorable characteristics with respect to women’s leadership (e.g., number of women in executive positions or on the board of directors).

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 the component securities of the Impax Global Women’s Leadership Index (Women’s Index) and in American Depositary Receipts, Global Depositary Receipts and Euro Depositary Receipts representing the component securities of the Women’s Index.

Additionally, the team integrates environmental, social and governance factors as part of its 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.

In addition, the fund invests at least 40% (or, if the manager deems market conditions are not favorable, at least 30%) of its net assets in securities of companies organized or located outside the United States or doing a substantial amount of business outside the United States.

The fund has the flexibility to invest in growth and value securities.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents.

The fund may invest in emerging markets and generally will be diversified across multiple countries or geographic regions.

Additionally, the fund may take significant positions in one or more sectors, including the financial services sector and the information technology sector.

The fund avoids companies that derive revenues or profits from exploration, production, refining or processing of thermal coal, oil or gas, or significant revenues or profits from storage, distribution or power generation from the same.