TABLE OF CONTENTS GENERAL DESCRIPTION OF THE TRUST .............................................................. 1 ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVE, POLICIES, AND RELATED RISKS . . . . 1 Non-Diversification...................................................................................... 1 General Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description of Permitted Investments ...................................................................... 2 TypesofEquitySecurities................................................................................ 3 INVESTMENT RESTRICTIONS ......................................................................... 7 EXCHANGE LISTING AND TRADING .................................................................. 9 MANAGEMENTOFTHETRUST........................................................................ 9 PRINCIPAL SHAREHOLDERS, CONTROL PERSONS, AND MANAGEMENT OWNERSHIP . . . . . . . . . . . . . . . . 13 CODES OF ETHICS .................................................................................... 13 PROXYVOTINGPOLICIES............................................................................. 13 INVESTMENT ADVISER AND SUB-ADVISER........................................................... 14 PORTFOLIO MANAGERS .............................................................................. 15 THEDISTRIBUTOR.................................................................................... 15 THE ADMINISTRATOR, CUSTODIAN, AND TRANSFER AGENT ........................................ 16 LEGAL COUNSEL ..................................................................................... 17 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ............................................ 17 PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES .................................. 17 DESCRIPTIONOFSHARES............................................................................. 17 LIMITATION OF TRUSTEES’ LIABILITY ............................................................... 18 BROKERAGE TRANSACTIONS ........................................................................ 18 PORTFOLIO TURNOVER RATE ........................................................................ 19 BOOK ENTRY ONLY SYSTEM ......................................................................... 19 PURCHASE AND REDEMPTION OF SHARES IN CREATION UNITS ..................................... 20 DETERMINATION OF NAV ............................................................................ 25 DIVIDENDSANDDISTRIBUTIONS..................................................................... 25 FEDERAL INCOME TAXES ............................................................................ 26 FINANCIALSTATEMENTS............................................................................. 31 APPENDIX A .......................................................................................... A-1
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