Strategy. The Fund is an actively-managed exchange-traded fund (ETF) advised by The Energy & Minerals Group Advisors, LLC (formerly, Element ETFs, LLC) (the Adviser). The Fund seeks to achieve its investment objective by concentrating its investments in a combination of financial instruments that are economically linked to elements necessary for the production of batteries and Battery Energy Storage Systems (BESS) used in the electric vehicle and solar industries. Such elements are currently lithium, nickel, copper and cobalt. The Fund may also invest in financial instruments that are economically linked to manganese or graphite. A BESS is a type of energy storage system that uses batteries to store and distribute energy in the form of electricity. BESS are commonly used in electricity … Show more… The Fund is an actively-managed exchange-traded fund (ETF) advised by The Energy & Minerals Group Advisors, LLC (formerly, Element ETFs, LLC) (the Adviser). The Fund seeks to achieve its investment objective by concentrating its investments in a combination of financial instruments that are economically linked to elements necessary for the production of batteries and Battery Energy Storage Systems (BESS) used in the electric vehicle and solar industries. Such elements are currently lithium, nickel, copper and cobalt. The Fund may also invest in financial instruments that are economically linked to manganese or graphite. A BESS is a type of energy storage system that uses batteries to store and distribute energy in the form of electricity. BESS are commonly used in electricity grids and in other applications such as electric vehicles, solar power installations, and smart homes. Generally, a BESS consists of one or more batteries that store electrical energy for use at a later time. The stored energy can then be drawn upon when needed to meet demands for power across various applications. Under normal circumstances, the Fund i nvests, either directly or through a wholly-owned subsidiary (the Subsidiary), in lithium, nickel, copper and cobalt exchange-traded futures contracts, equity securities linked to batteries and BESS, and Collateral (as defined below). The Fund will not invest directly into metal commodities. Instead, the Fund attempts to obtain investment returns that are highly correlated to the lithium, nickel, copper and cobalt by investing in instruments such as lithium, nickel, copper and cobalt futures contracts indirectly through its Subsidiary. The Funds investment in the Subsidiary is expected to provide the Fund with exposure to lithium, nickel, copper and cobalt futures contracts in accordance with the limits of the federal tax laws, which limit the ability of investment companies like the Fund to invest directly in such investments. The Funds investment in the Subsidiary may not exceed 25% of the Funds total assets at each quarter-end of the Funds fiscal year. The Subsidiary operates under Cayman Islands law. It is wholly-owned and controlled by the Fund and advised by the Adviser. The Subsidiary has the same investment objective as the Fund and will follow the same general investment policies and restrictions, except that unlike the Fund, it may invest without limit in lithium, nickel, copper and cobalt futures contracts. Except as noted, for purposes of this Prospectus, references to the Funds investment strategies and risks include those of its Subsidiary. Because the Fund intends to qualify as a regulated investment company (RIC) under the Internal Revenue Code of 1986, as amended (Code), the Funds investments in the Subsidiary are limited by certain requirements of the Code and related Internal Revenue Service regulations. Accordingly, the Fund (and the Subsidiary, as applicable) invests its remaining assets directly in equity securities linked to batteries and BESS in addition to Collateral. Collateral is defined as high-quality securities such as U.S. Treasuries, other U.S. Government obligations, money market funds, cash and cash-like equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality as the Adviser may determine) that provide liquidity, serve as margin or collateralize the Subsidiarys investments in lithium, nickel, copper and cobalt exchange-traded futures contracts. The Fund will have exposure to U.S. and non-U.S. markets and both developed and emerging markets. The Fund may enter into forward foreign currency exchange contracts in order to protect against uncertainty in the level of future foreign currency exchange rates. The Fund may invest in securities of companies of all sizes. Small-mid capitalization companies are those with market capitalizations at the time of investment between $2 billion and $20 billion. As a result of its strategy, the Fund may have a relatively high level of portfolio turnover as compared to other funds, which may affect the Funds performance due to higher transaction costs. The Fund is non-diversified and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the 1940 Act). Show less