p id="xdx_A81_err--StrategyNarrativeTextBlock_gRBSNTB-OHTDV_z2Pd9Aew9ANa" 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 — investment approach designed to track the performance of the Underlying Index, which was developed by FTSE International Ltd. (“FTSE”). The Underlying Index is an equity benchmark of international stocks from developed markets, with approximately half of the currency exposure of the securities included in the Underlying Index “hedged” against the U.S. dollar on a monthly basis. The Fund seeks to provide neutral exposure to currencies by hedging approximately half of the Fund’s currency exposure. The Underlying Index includes/spanspan style="text-transform: none" stocks from Europe, Australasia, and the Far East and as/spanspan style="text-transform: none" /spanspan style="text-transform: none"of June 30, 2024, consisted of the following 24 developed market countries: Australia, Austria, Belgium, Canada, /spanspan style="text-transform: none"Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, South Korea, Spain, /spanspan style="text-transform: none"Sweden, Switzerland and the United Kingdom. The Underlying Index is a float-adjusted, market-capitalization-weighted index designed to measure equity market performance of developed international equity markets. The Underlying Index includes primarily large- and mid-capitalization companies. As of June 30, 2024, the primary sectors within the Underlying Index were financials, industrials, and information technology. The composition of the Underlying Index may change /spanspan style="text-transform: none"over time./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 /spanspan style="text-transform: none"Index and the Fund’s NAV are denominated in U.S. dollars, /spanspan style="text-transform: none"while the component securities of the Underlying Index are generally denominated /spanspan style="text-transform: none"in foreign currencies. The Underlying Index is designed to reduce by /spanspan style="text-transform: none"approximately half the Fund’s exposure to fluctuations in the value /spanspan style="text-transform: none"of component currencies relative to the U.S. dollar. The Underlying Index applies a one month forward rate to approximately half of the value of the non-U.S. dollar denominated securities included in the Underlying Index to hedge against fluctuations for this portion of the Fund’s exposure to component securities relative to the U.S. dollar. The hedge is reset on a /spanspan style="text-transform: none"monthly basis./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 invests, under normal /spanspan style="text-transform: none"circumstances, at least 80% of its net assets, plus the /spanspan style="text-transform: none"amount of any borrowings for investment purposes, in the securities and other instruments included in its /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 is expected to have lower /spanspan style="text-transform: none"returns than a similar fund that does not hedge any /spanspan style="text-transform: none"of its currency exposure when the component currencies are rising relative /spanspan style="text-transform: none"to the U.S. dollar. The Fund is expected to have /spanspan style="text-transform: none"higher returns than a similar unhedged fund when the component currencies /spanspan style="text-transform: none"are falling relative to the U.S. dollar. In order to replicate the hedging component of the Underlying Index, the Fund intends to enter into foreign currency forward contracts and futures contracts designed to offset approximately half of the Fund’s exposure to the component /spanspan style="text-transform: none"currencies. A foreign currency forward contract is a contract between /spanspan style="text-transform: none"two parties to buy or sell a specified amount of a specific currency in the future at an agreed upon exchange rate. The Fund’s exposure to foreign currency forward /spanspan style="text-transform: none"contracts is based on approximately half of the Fund’s aggregate /spanspan style="text-transform: none"exposure to the /spanspan style="text-transform: none"component currencies./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 may also invest its assets in cash and cash equivalents, as well as in shares of other investment companies, options and swaps. To the extent that /spanspan style="text-transform: none"the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investment to approximately the same extent as 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 Underlying Index is sponsored by an organization (the “Index Provider”) that is independent of the Fund and Advisor. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund’s Index Provider is FTSE International LTD., a widely known global index provider that currently manages and calculates more than 120,000 /spanspan style="text-transform: none"indices daily./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 may invest in one or more ETFs advised by the Advisor (“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