Strategy. The Index includes U.S.-listed securities, including ADRs, of companies that are offering technology-driven financial services (FinTech), which includes companies that facilitate decentralized finance systems. Indxx, LLC (the Index Provider) defines FinTech as being comprised of the following types of companies: Digital Payments companies that provide digital modes of payments, such as mobile, online and digital wallets, and includes money transfer services and clearinghouses. Point-of-Sale companies that facilitate the point-of-sale (POS) infrastructure such as POS machines and payment gateways, and includes companies offering enterprise solutions for payment services or integrated systems of mobile commerce and ecommerce payments along with POS. Personal Finance Software and Credit/Debit Card Issuers finance such as personal loans, wealth management, and trading, and includes issuers of credit … Show more… The Index includes U.S.-listed securities, including ADRs, of companies that are offering technology-driven financial services (FinTech), which includes companies that facilitate decentralized finance systems. Indxx, LLC (the Index Provider) defines FinTech as being comprised of the following types of companies: Digital Payments companies that provide digital modes of payments, such as mobile, online and digital wallets, and includes money transfer services and clearinghouses. Point-of-Sale companies that facilitate the point-of-sale (POS) infrastructure such as POS machines and payment gateways, and includes companies offering enterprise solutions for payment services or integrated systems of mobile commerce and ecommerce payments along with POS. Personal Finance Software and Credit/Debit Card Issuers finance such as personal loans, wealth management, and trading, and includes issuers of credit and debit cards. companies that provide software related to personal Tax Compliance Software and Backend Payment Processing compliance and for backend payment processing such as e-invoicing, supplier/payment management, and resource allocation. companies that offer solutions and software tax Decentralized Finance companies that facilitate the blockchain infrastructure or are involved in developing blockchain technology, including companies that provide services related to cryptocurrencies, such as mining, trading, and wallets. Financial Enterprise Solutions companies that provide scalable technology solutions focused on disrupting traditional areas of financial services such as treasury management, consumer finance, accounts/asset management, and banking operations. Peer-to-Peer Lending and Crowdfunding companies that facilitate peer-to-peer finance/lending and crowdfunding, including companies that offer supply chain finance solutions. Companies that derive a minimum of 50% of their total revenue from the above types of products and services are eligible for inclusion in the Index. The Indexs constituents are first selected from an initial universe of companies whose securities meet various market capitalization and liquidity metrics, including having a minimum total market capitalization of $300 million or greater and average daily trading volume of equal to, or greater than, $1 million. After the market capitalization and liquidity metrics are applied, the Index Provider analyzes the companies based on revenue as described above. The Index Provider then selects the top 50 securities by market capitalization and weights them based on their free float adjusted market capitalization with a single security having a maximum weight of 8% and a minimum weight of 1%. The Index is reconstituted and rebalanced annually. As of December 31, 2021, the Index had 51 constituents, which had a median total market capitalization of $6.2 billion, total market capitalizations ranging from $735.4 million to $472 billion and were concentrated in the financials and information technology sectors. The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries ( i.e. , hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds ("ETFs") that track the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index. The financial instruments in which the Fund most commonly invests are swap agreements and futures contracts which are intended to produce economically leveraged investment results. The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and may utilize derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar index, that provide leveraged exposure to the above. The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Funds portfolio so that its exposure to the Index is consistent with the Funds investment objective. The impact of the Indexs movements during the day will affect whether the Funds portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Funds exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Funds exposure will need to be reduced. This re-positioning strategy typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold ETFs and money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The terms daily, day, and trading day, refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Funds investment objective is not a fundamental policy and may be changed by the Funds Board of Trustees without shareholder approval. Because of daily rebalancing and the compounding of each days return over time, the return of the Fund for periods longer than a single day will be the result of each days returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Indexs volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index's performance increases over a period longer than a single day. Show less