Strategy. The Fund invests in securities comprising the Index. The Index is comprised of companies that (i) generate at least 50% of their revenue from rare earths or critical metal mining, production, recycling, processing and/or refining or (ii) engage in projects that have the potential, when developed, to generate 50% of revenue from rare earths or critical metal mining, production, recycling, processing and/or refining (Rare Earths and Critical Materials Companies). Rare earths and critical materials are those identified by either: (A) the U.S. Government as: (i) a non-fuel mineral or mineral material essential to the economic and national security of the United States, (ii) the supply chain of which is vulnerable to disruption, and (iii) that serves an essential function in … Show more… The Fund invests in securities comprising the Index. The Index is comprised of companies that (i) generate at least 50% of their revenue from rare earths or critical metal mining, production, recycling, processing and/or refining or (ii) engage in projects that have the potential, when developed, to generate 50% of revenue from rare earths or critical metal mining, production, recycling, processing and/or refining (Rare Earths and Critical Materials Companies). Rare earths and critical materials are those identified by either: (A) the U.S. Government as: (i) a non-fuel mineral or mineral material essential to the economic and national security of the United States, (ii) the supply chain of which is vulnerable to disruption, and (iii) that serves an essential function in the manufacturing of a product, the absence of which would have significant consequences for the U.S. economy or national security; or (B) Australia, Canada, Japan or the European Union as meeting similar criteria. There are a range of minerals or mineral material groups deemed critical under these criteria. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of Rare Earths and Critical Materials Companies. The universe of eligible index components are exchange-listed equity securities of Rare Earths and Critical Materials Companies, including depositary receipts. Such companies are identified through the use of a proprietary selection methodology that includes a review of financial ratios, sell side research, and fundamental research. To be included in the Index, the minimum market capitalization of such companies must be at least $250 million with an average daily traded value over the most recent six months of at least $500 thousand. As of March 1, 2024, the Index comprised 54 component securities. The Index consists of securities of issuers from around the world, including emerging markets countries. There is no limitation on the amount of foreign or emerging market securities that may be included in the Index. The Index is reconstituted and rebalanced on a semi-annual basis in February and August. At that time, constituents are weighted by market capitalization with a maximum individual constituent weight of 10%. Deletions from the Index may be made at any time due to changes in business, mergers, acquisitions, bankruptcies, suspensions, de-listings and spin-offs. The Index is unmanaged and cannot be invested in directly. The Fund employs a passive management investment strategy designed to track the performance of the Index. Exchange Traded Concepts, LLC (the Adviser) generally will use a replication methodology, meaning it will invest in all of the securities comprising the Index in proportion to their respective weightings in the Index. However, the Adviser may utilize a sampling methodology under various circumstances, including when it may not be possible or practicable to purchase all of the securities in the Index. The Adviser expects that over time, if the Fund has sufficient assets, the correlation between the Funds performance, before fees and expenses, and that of the Index will be 95% or better. A figure of 100% would indicate perfect correlation. The Fund may invest up to 20% of its assets in investments that are not included in the Index, but that the Adviser believes will help the Fund track the performance of the Index. The Fund will concentrate its investments ( i.e. , invest more than 25% of its total assets) in a particular industry or group of industries to approximately the same extent that the Index concentrates in an industry or group of industries. As of March 1, 2024, the Index was concentrated in the Metals & Mining Industry as defined by the Global Industry Classification Standard (GICS). In addition, in replicating the Index, the Fund may from time to time invest a significant portion of its assets in the securities of companies in one or more sectors. As of March 1, 2024, a significant portion of the Index consisted of companies in the Materials Sector, as defined by GICS. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940 (the 1940 Act) and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund. Optica Capital Pty Ltd. (the Index Provider), in consultation with EQM Indexes, LLC (the Index Administrator), developed the methodology for determining the securities to be included in the Index. The Index Administrator maintains the Index and is responsible for implementing the semi-annual rebalance and reconstitution and monitoring and implementing any adjustments, additions and deletions to the Index based on the index methodology and certain corporate actions, such as initial public offerings, mergers, acquisitions, bankruptcies, suspensions, de-listings, tender offers and spin-offs. The Index is calculated and published by Solactive AG. Neither the Index Provider, Index Administrator, or Solactive AG is affiliated with each other or with the Fund or the Adviser. Show less