PTF

About PTF

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, Dorsey,Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles and maintains the UnderlyingIndex, which is composed of at least 30 securities of companiesin the technology sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright selects thesesecurities from approximately 2,000 of the largest constituents by market capitalization within the Nasdaq US Benchmark™ Index,a float adjusted market capitalization-weighted index designed to track the performance of the U.S. equity market. “Relative strength”is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’srelative performance against the overall market over a set period or a security’s relative strength value, which is derived by comparingthe rate of increase of the security’s price as compared to that of a benchmark index.TheIndex Provider uses a proprietary methodology to analyze the relativestrength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentumis the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizesinvesting in securities that have had better recent performance compared to other securities. The momentum score for each security includedin the Underlying Index is based on intermediate and long-term price movements of the security as compared to a representative benchmarkand other eligible securities within the Underlying Index universe.Aftergiving each eligible security a momentum score, the Index Providerselects at least 30 securities with the highest momentum scores from the technology sector, as determined by the Index Provider, for inclusionin the Underlying Index. Companies in the technology sector are principally engaged in the business of providing technology-related productsand services, including computer hardware and software, Internet, electronics and semiconductors, and wireless communication technologies.Thetotal number of securities in the Underlying Index may vary dependingon the capitalization characteristics of the securities that qualify for inclusion in the Underlying Index. The Index Provider weightseach security by its momentum score, with higher scoring securities representing a greater weight in the Underlying Index.Asof June 30, 2023, the Underlying Index was comprised of 40constituents with market capitalizations ranging from $1.1billion to $2.5trillion.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. 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 information technology sector. The Fund’s portfolio holdings, and the extent to whichit concentrates its investments, are likely to change over time.