PBJ

About PBJ

TheFund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index.Strictlyin accordance with its guidelines and mandated procedures, ICE DataIndices, LLC (“ICE Data” or the “Index Provider”) compiles and maintains the Underlying Index, which is composedof common stocks of U.S. food and beverage companies. These companies are engaged principally in the manufacture, sale or distributionof food and beverage products, agricultural products and products related to the development of new food technologies. These companiesmay include consumer manufacturing of agricultural inputs like livestock and crops, as well as processed food and beverage products; foodand beverage stores such as grocery stores, supermarkets, wholesale distributors of grocery items; and food and beverage services likerestaurants, bars, snack bars, coffeehouses and other establishments providing food and refreshment. Companies with focused operationsas tobacco growers and manufacturers or pet supplies stores are specifically excluded from this universe.Asof June 30, 2023, the Underlying Index was comprised of 30 constituentswith market capitalizations ranging from $1billion to $255 billion.TheFund employs a “full replication” methodology in seeking to track theUnderlying Index, meaning that the Fund generally invests in all of the securities comprising the Underlying Index in proportion to theirweightings in the Underlying Index.TheFund is “non-diversified” and therefore is not required to meet certaindiversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).ConcentrationPolicy. TheFund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any oneindustry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April30, 2023, the Fund had significant exposure to the food and beverage industry. The Fund’s portfolio holdings, and the extent towhich it concentrates its investments, are likely to change over time.