PSI

About PSI

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. semiconductor companies. These companies are engaged principally in the manufacture of semiconductors. Thesecompanies manufacture semiconductors that serve as the core electronic components of virtually all electronic equipment; make or testchips for third parties; and provide equipment or services used in the production of semiconductors and other thin film products likeflat panel displays and thin film heads. Asof June 30, 2023, the Underlying Index was comprised of 30constituents with market capitalizations ranging from $1billion to $1trillion.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 April 30,2023, the Fund had significant exposure to the semiconductors industry. The Fund’s portfolio holdings, and the extent to which itconcentrates its investments, are likely to change over time.