Strategy. The Fund, using a passive or indexing investment approach, seeks investment results that correlate to the performance, before the Funds fees and expenses, of the Underlying Index. The Underlying Index consists of globally-listed stocks and depositary receipts. Companies eligible for inclusion in the Underlying Index include (i) companies that are in the home improvement sub-industry as categorized by ICE; (ii) companies that are materially engaged in the development and production of emergency/backup power generators and batteries that are in the electrical components and power equipment sub-industry as categorized by ICE; and (iii) companies with government contracts that aid in natural disaster relief or mitigation within the last five years, as determined by key word hits in publicly available data. Companies … Show more… The Fund, using a passive or indexing investment approach, seeks investment results that correlate to the performance, before the Funds fees and expenses, of the Underlying Index. The Underlying Index consists of globally-listed stocks and depositary receipts. Companies eligible for inclusion in the Underlying Index include (i) companies that are in the home improvement sub-industry as categorized by ICE; (ii) companies that are materially engaged in the development and production of emergency/backup power generators and batteries that are in the electrical components and power equipment sub-industry as categorized by ICE; and (iii) companies with government contracts that aid in natural disaster relief or mitigation within the last five years, as determined by key word hits in publicly available data. Companies in the following sub-industries are excluded from the Underlying Index: diversified defense contractors, aerospace engineering & components, and industrial conglomerates. In addition, companies whose only involvement with natural disasters is the development and provision of communication equipment or services are excluded from the Underlying Index. Companies in the Underlying Index are equally weighted. The component companies of the Underlying Index are small-capitalization, medium-capitalization, and large-capitalization listed equity securities and depositary receipts. Securities with a price below US$1 or a total market capitalization less than US$250 million are excluded from the Underlying Index. In addition, the Underlying Index excludes companies listed in Taiwan or Korea. The Underlying Index is owned and developed by GKD Index Partners, LLC d/b/a/ Alerian (Alerian or the Index Provider) and is calculated by Refinitiv US LLC (Refinitiv). Alerian and Refinitiv are not affiliated with ProcureAM, LLC, the Funds investment advisor (the Advisor), or the Funds distributor. The Underlying Index is rebalanced ( i.e. , the weights of the Underlying Index components are reset) on a quarterly basis in March, June, September, and December and is reconstituted ( i.e. , Underlying Index components are added or deleted) on an annual basis each March. Underlying Index components are selected on the last business day of the month prior to reconstitution. The Board of Trustees (the Board) of the Trust may change the Funds investment strategy, index provider or other policies without shareholder approval. Also, in certain circumstances, it may not be possible or practicable to purchase all of the component securities that make up the Underlying Index. In those circumstances, the Fund may purchase a sample of the component securities in the Underlying Index in proportions expected by the Advisor (defined below) to deliver the performance of the Underlying Index. The Fund may sell securities that are represented in the Underlying Index or purchase securities that are not yet represented in the Underlying Index in anticipation of their removal from or addition to the Underlying Index pursuant to scheduled reconstitutions and rebalancing of the Underlying Index. The Fund will concentrate its investments (i.e., invest 25% or more of its assets) in securities issued by companies whose principal business activities are in the same industry or group of industries to the extent the Underlying Index is so concentrated. As of December 31, 2023, the Index was concentrated in the Industrials sector. The Fund is non-diversified for purposes of the Investment Company Act of 1940 (the 1940 Act), which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may lend its portfolio securities to brokers, dealers, and other financial organizations. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase its income by receiving payments from the borrower. As of December 31, 2023, the Underlying Index contained 47 constituents. The inception date of the Underlying Index (when live calculation of the index values began) was March 20, 2020. Show less