XLG

About XLG

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, S&PDow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the UnderlyingIndex, which consists of the 50 largest companies in the S&P 500®Index based on float-adjusted market capitalization. The Underlying Index’s components are weighted by float-adjusted market capitalization.Asof June 30, 2023, the Underlying Index was comprised of 51 constituentswith market capitalizations ranging from $132.61 billion to $3.05 trillion.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 requiredto meet certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).ConcentrationPolicy. TheFund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry orgroup of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. TheFund 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.