The fund seeks to track the total return performance of a benchmark index before fees and expenses by investing in companies across any size 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 employs an indexing investment approach to track the performance of the MSCI US Investable Market Index (IMI)/Consumer Discretionary 25/50 Index.

Then the research team focuses on the consumer discretionary sector, which includes stocks of companies that manufacture products and provide services that consumers consider nonessential, such as retailers, restaurants, and internet and direct marketing retail companies.

The team follows the GICS consumer discretionary sector classification which includes companies that tend to be the most sensitive to economic cycles.

The manufacturing segment includes automotive, household durable goods, textiles and apparel, and leisure equipment. The services segment includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services.

Then the manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund 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 track the total return performance of a benchmark index before fees and expenses by investing in companies across any size 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 employs an indexing investment approach to track the performance of the MSCI US Investable Market Index (IMI)/Consumer Discretionary 25/50 Index.

Then the research team focuses on the consumer discretionary sector, which includes stocks of companies that More