PHO

About PHO

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, Nasdaq,Inc. (“Nasdaq” or the “Index Provider”) compiles the Underlying Index, which seeks to track the performance ofcompanies that are listed on the New York Stock Exchange (“NYSE”), NYSE American, Cboe Exchange (“Cboe”) or TheNasdaq Stock Market (“Nasdaq”), that create products designed to conserve and purify water for homes, businesses and industries.The Underlying Index may include common stocks, ordinary shares, American depositary receipts (“ADRs”), shares of beneficialinterest and tracking stocks. Asof June 30, 2023, the Underlying Index was comprised of 38constituents with market capitalizations ranging from $302 millionto $177.1 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 water industry and the industrials sector. The Fund’s portfolio holdings, andthe extent to which it concentrates its investments, are likely to change over time.