PPA

About PPA

TheFund generally will invest at least 90% of its total assets in securitiesthat comprise the Underlying Index. Strictlyin accordance with its guidelines and mandated procedures, SPADEIndexes LLC (“SPADE Indexes” or the “Index Provider”) compiles, maintains, and calculates the Underlying Index,which is composed of common stocks of companies that are systematically important to the defense sector and are involved with the development,manufacture, operation and support of U.S. defense, military, national/homeland security, and government space operations. These may include,for example, companies that provide the following products or services: military aircraft, naval vessels, armored vehicles, helicopters,drones and remotely piloted vehicles, missiles and missile defense, command and control, secure communications, battlespace awareness,intelligence and reconnaissance, and space systems, as well as national/homeland security activities including border security, biometricscreening systems, and military cybersecurity efforts.TheIndex Provider identifies for inclusion in the Underlying Index commonstocks of U.S. companies whose shares are listed on the New York Stock Exchange (“NYSE”) or The Nasdaq Stock Market (“Nasdaq”)and weights them accordingto a modified market capitalization-weighted methodology.Asof June 30, 2023, the Underlying Index was comprised of 54constituents with market capitalizations ranging from approximately$254 million to $143.1 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 aerospace and defense industry. The Fund’s portfolio holdings, and the extentto which it concentrates its investments, are likely to change over time.