FLBR

About FLBR

Undernormal market conditions, the Fund invests at least 80% of its assets in the component securities ofthe FTSE Brazil Capped Index and in depositary receipts representing such securities. The FTSE BrazilCapped Index is a free float-adjusted market capitalization weighted index maintained and calculatedby FTSE Russell with a capping methodology applied quarterly to issuer weights so that no single issuerof a component exceeds 25% of the FTSE Brazil Capped Index weight, and all issuers with weights above5% do not cumulatively exceed 50% of the FTSE Brazil Capped Index’s weight. The FTSE Brazil CappedIndex is based on the FTSE Brazil Index and is designed to measure the performance of Brazilian large-and mid-capitalization stocks. FTSE Russell determines eligible securities for the FTSE Brazil CappedIndex based on measures such as the company’s place of incorporation, listing country, investorprotection regulations present in the country of incorporation, tax domicile, location of headquarters/factorsof production and currency of denomination. As of May 31, 2024, the FTSE Brazil Capped Index was comprisedof 88 securities with capitalizations ranging from $486 million to $99.97 billion.The Fund, using a “passive”or indexing investment approach, seeks investment results that closely correspond, before fees and expenses,to the performance of the FTSE Brazil Capped Index. The Fund may use either a replication strategy orrepresentative sampling strategy. Under a replication strategy, the Fund will replicate the componentsecurities of the FTSE Brazil Capped Index as closely as possible (i.e., invest in all of the componentsecurities in their respective weightings in the FTSE Brazil Capped Index). However, under various circumstances,it may not be possible or practicable to replicate the FTSE Brazil Capped Index. In these circumstances,the Fund may use a “representative sampling” strategy whereby the Fund would invest in whatit believes to be a representative sample of the component securities of the FTSE Brazil Capped Index,but may not track the FTSE Brazil Capped Index with the same degree of accuracy as would an investmentvehicle replicating the entire FTSE Brazil Capped Index. Under the representative sampling technique,the investment manager will select securities that collectively have an investment profile similar tothat of the FTSE Brazil Capped Index, including securities that resemble those included in the FTSE BrazilCapped Index in terms of risk factors, performance attributes and other characteristics, such as marketcapitalization and industry weightings.TheFund may invest in equity futures (including equity index futures) and equity total return swaps to provideadditional opportunities to add value and better track the performance of the Fund’s UnderlyingIndex, such as to equitize cash and accrued income, simulate investments in the Underlying Index, facilitatetrading or minimize transaction costs.The Fund may enter into foreign currency forward contractsand/or currency futures contracts to provide the Fund with additional opportunities to add value andbetter track the performance of the Fund’s Underlying Index, such as by facilitating local securitiessettlements or protecting against currency exposure in connection with distributions to Fund shareholders.TheFund is a "non-diversified" fund, which means it generally invests a greater proportion of its assetsin the securities of one or more issuers and invests overall in a smaller number of issuers than a diversifiedfund.TheFund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industryor group of industries to approximately the same extent that the FTSE Brazil Capped Index is concentrated.As of May 31, 2024, the FTSE Brazil Capped Index was concentrated in the financial services sector.