The fund seeks to replicate total return performance of the benchmark index before fees and expenses by investing in small-size companies in the United States.

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.

The process seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

The fund seeks to replicate total return performance of the benchmark index before fees and expenses by investing in small-size companies in the United States.

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.

The process seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

However, the research team may cause the fund’s weighting of a stock to be more or less than the index’s weighting of the stock for tax or to address liquidity considerations.

Next, the team utilizes an indexing approach for buying a basket of securities that compose the index. The process seeks a correlation of 0.95 or better between the fund’s performance and the performance of the index.

The research team also employs a sampling methodology or quantitative analysis to obtain a basket of stocks that resembles the index in terms of key risk factors, and performance attributes.

At times, it may not be possible or practicable to buy all of the securities of the Index, or to replicate the weightings in the Index.

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.

The fund may hold 25% or more of its net assets in an industry or group of industries to approximately the extent that the index the fund is designed to track is also so concentrated.