div style="padding-left:36pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%"The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in equity securities of foreign and domestic issuers that engage in activities or provide products, services, technologies, or technological capabilities to enable the Metaverse, and benefit from its generated revenues (“Metaverse Companies”). “Metaverse” is a term used to refer to a future iteration of the Internet. Users will primarily engage with the Metaverse through persistent, simultaneous, and shared three-dimensional virtual simulations and spaces. The Metaverse will also connect to physical spaces, two-dimensional Internet experiences (/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%"e.g.,/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%" standard apps, webpages), and finite simulations (/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%"e.g.,/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%" a game). The Metaverse will be supported by a wide range of technologies, tools, and standards that enable high volumes of concurrent users, a rich virtual-only economy of labor, goods, and services, and wide-ranging interoperability of data, digital assets, and content. /span/divdiv style="padding-left:36pt;text-align:justify"spanbr//span/divdiv style="margin-bottom:6pt;padding-left:36pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%"Metaverse Companies are engaged in activities that fall into one or more of the categories described below. The categories may change over time as technology and consumer behavior evolve. Currently, the seven categories and their descriptions are as follows:/span/divdiv style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"•/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt"Hardware /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"–/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%" /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"The sale and support of physical technologies and devices used to access, interact with or develop the Metaverse. This includes, but is not limited to, consumer-facing hardware, such as virtual reality headsets, mobile phones, and haptic gloves, as well as enterprise hardware such as those used to operate or create virtual or augmented reality-based environments, such as industrial cameras, projection and tracking systems, and scanning sensors. This category does not /span/divdiv style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"include compute-specific hardware, such as graphic processing unit chips and servers, or networking-specific hardware, such as fiber optic cabling or wireless chipsets. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"•/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt"Compute /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"–/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%" /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"The enablement and supply of computing power to support the Metaverse, supporting such diverse and demanding functions as physics calculation, rendering, data reconciliation and synchronization, artificial intelligence, projection, motion capture and translation. This category may include blockchain-based technologies for the management of marketplaces and networks for decentralized computing capacity. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"•/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt"Networking /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"–/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%" /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"The provision of persistent, real-time connections, high bandwidth, and decentralized data transmission by backbone providers (/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"i.e./spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%", companies that provide access to high-speed data transmission networks), the networks, exchange centers, and services that route amongst them, as well as those managing “last mile” (/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"i.e./spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%", the function of connecting telecommunication services directly to end-users, both businesses and residential customers, usually in a dense area) data to consumers. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"•/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt"Virtual Platforms /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"–/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%" /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"The development and operation of immersive digital and often three-dimensional simulations, environments and worlds wherein users and businesses can explore, create, socialize and participate in a wide variety of experiences (/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"e.g./spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%", race a car, paint a painting, attend a class, listen to music), and engage in economic activity. These businesses are differentiated from traditional online experiences and multiplayer video games by the existence of a large ecosystem of developers and content creators which generate the majority of content on and/or collect the majority of revenues built on top of the underlying platform. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"•/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt"Interchange Standards /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"–/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%" /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"The tools, protocols, formats, services, and engines which serve as actual or de facto standards for interoperability, and enable the creation, operation and ongoing improvements to the Metaverse. These standards support activities such as rendering, physics and artificial intelligence, as well as asset formats and their import/export from experience to experience, forward compatibility management and updating, tooling and authoring activities, and information management. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"•/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt"Payments /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"–/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%" /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"The support of digital payment processes, platforms, and operations, which includes cryptocurrencies, the companies that are fiat on-ramps to those cryptocurrencies, companies that provide or service the infrastructure and technologies to “mint” cryptocurrencies, and companies that provide the financial services necessary to trade and manage cryptocurrencies, as well as issuers of financial products that provide a means of obtaining exposure to cryptocurrencies. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"•/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt"Content, Assets and Identity Services /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"–/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%" /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"The design/creation, sale, re-sale, storage, secure protection and financial management of digital assets, such as virtual goods, as connected to user data and identity. This contains all business and services “built on top of” and/or which “service” the Metaverse, but which are not vertically integrated into a virtual platform by the platform owner, including content which is built specifically for the Metaverse. This category may include blockchain-based technologies for the decentralized creation and trading of digital assets. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in Metaverse Companies, which may include investments in American Depository Receipts (“ADRs”). For purposes of this policy, the Fund defines Metaverse Companies as foreign and domestic issuers that engage in activities or provide products, services, technologies, or technological capabilities to enable the Metaverse, and benefit from its generated revenues. /span/divdiv style="padding-left:36pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%"Generally, the Fund will invest in those companies with a minimum market capitalization of $250 million (and thereafter maintain a market capitalization of $200 million) and average daily trading volume (“ADV”) of at least $2 million over a trailing six-month period (or if unavailable, since the issuer’s listing date), but the Fund may invest in companies with any market capitalization and ADV. The Fund may invest in U.S. and non-U.S. companies (including those /span/divdiv style="padding-left:36pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%"operating in developed or emerging market countries) through investments in depositary receipts, ADRs or Global Depositary Receipts (“GDRs”), including depositary receipts whose underlying securities are non-voting preferred securities./span/divdiv style="padding-left:36pt;text-align:justify"spanbr//span/divdiv style="padding-left:36pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%"The Fund may have indirect exposure to cryptocurrencies through investments in foreign exchange-traded funds and domestic exchange-traded products, that primarily hold cryptocurrencies (each, a “Cryptocurrency ETF”), as well as through publicly traded securities of companies engaged in cryptocurrency-related businesses and activities. Cryptocurrency ETFs may invest in bitcoin, ether, tokens related to the Solana Network (“SOL”), XRP, and any other cryptocurrency eligible to be held by U.S. registered investment companies, and seek to generate income and capital appreciation through staking the underlying cryptocurrency. Cryptocurrency ETFs include both investment companies registered under the Investment Company Act of 1940 (“1940 Act”) and exchange-traded products that are not registered under the 1940 Act. Exchange-traded products that are not registered under the 1940 Act do not afford investors, including the Fund, the investor protections available under the 1940 Act. The Fund will not invest directly in cryptocurrencies./span/divdiv style="padding-left:36pt;text-align:justify"spanbr//span/divdiv style="padding-left:36pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%"The Fund may invest in shares of companies through initial public offerings (“IPOs”) or in shares of companies that have recently gone through an IPO and are now publicly traded on a stock exchange./span/divdiv style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%"The Fund will concentrate (/spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%"i.e., /spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%"hold more than 25% of its total assets): (1) in the aggregate, in one or more industries and/or groups of industries comprising the communication services sector; and, (2) in the aggregate, in one or more industries and/or groups of industries comprising the information technology sector./span/divThe Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”).