p id="xdx_A8E_err--StrategyNarrativeTextBlock_gRBSNTB-ZWIHCTD_zOF5XMtRjvzk" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"The Fund employs a “passive management” — or indexing/spanspan style="text-transform: none" — investment approach designed to track the performance of the Underlying Index. The Advisor is the index provider for the Underlying Index. The Underlying Index seeks to provide exposure to innovative companies by investing in the equities of companies that have high research and development (“Ramp;D”) spending around the world. The Underlying Index includes securities of large- and mid-capitalization companies that trade in the/spanspan style="text-transform: none" U.S. and foreign markets, including emerging markets/spanspan style="text-transform: none"./spanspan style="text-transform: none" As of June 30,/spanspan style="text-transform: none" 2024, the market /spanspan style="text-transform: none"capitalization/spanspan style="text-transform: none" range of the Underlying Index was approximately $477.28 million to $3.32 trillion. As of June 30, 2024, the primary sectors within the Underlying Index/spanspan style="text-transform: none" /spanspan style="text-transform: none"were information/span/p p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"technology, health care, and consumer discretionary. The Fund invests, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the investments included in its Underlying Index. Under normal market conditions, the Fund will invest in at least three countries and at least 40% of its net assets in /spanspan style="text-transform: none"non-U.S. countries./span/p p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"The securities eligible for inclusion in the Underlying Index are those securities included in the FTSE All-World/spansup style="text-transform: none; font-size: 7pt; line-height: 7pt"®/supspan style="text-transform: none" Index. The Underlying Index consists of the 200 eligible component securities with the highest dollar amount of research and development spending during the previous/spanspan style="text-transform: none" year. Research and development spending includes expenditures on research and development intended for the development of concepts or ideas for new products or services by which the issuer can /spanspan style="text-transform: none"increase revenues. /span/p p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"Securities selected for inclusion in the Underlying Index are weighted based/spanspan style="text-transform: none" on the issuer’s total Ramp;D spending relative to the other/spanspan style="text-transform: none" securities selected for inclusion in the Underlying Index, subject to a maximum weight at the time of rebalance of the greater of (i) 5%, or (ii) the weight of a component’s issuer in the FTSE All World/spansup style="text-transform: none; font-size: 7pt; line-height: 7pt"®/supspan style="text-transform: none" Growth Index plus 2% (“Component Weight Cap”). To the extent a component would exceed the Component Weight Cap at the time of rebalance, the excess percentage is allocated proportionately among the other components of the Underlying Index. The Underlying Index is reconstituted and /spanspan style="text-transform: none"rebalanced quarterly./span/p p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"Additionally, at the time of rebalance, the Underlying Index limits the maximum weight of all securities within each sector to the greater of (i) 30% of the Underlying Index, or (ii) the weight of the sector in the FTSE All World Growth Index plus 5% (“Sector Weight Cap”). To the extent the securities within a sector would exceed the Sector Weight Cap at the time of rebalance, the excess percentage is allocated proportionately among securities within the other sectors of the /spanspan style="text-transform: none"Underlying Index./span/p p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"The Fund generally will invest in all of the securities that comprise its Underlying Index in proportion to their weightings in the Underlying Index. The Fund has adopted a policy to invest, under normal circumstances, at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in /spanspan style="text-transform: none"equity securities./span/p p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"span style="text-transform: none"The Underlying Index may include as a component one or more ETFs advised by the Advisor (“Affiliated ETFs”) and the Fund will typically invest in any Affiliated ETF/spanspan style="text-transform: none" included in the Underlying Index. The Fund also may invest in Affiliated ETFs that are not components of the index if such an investment will help the Fund track the /spanspan style="text-transform: none"Underlying Index./span/p