Strategy. The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, WilderShares, LLC (the Index Provider) compiles and maintains the Underlying Index, which is composed of stocks of publicly traded companies listed on a major exchange in the United States that are engaged in the business of the advancement of cleaner energy and conservation or are important to the development of clean energy. The Underlying Index may include securities of foreign issuers, including issuers located in emerging market countries. Stocks are included in the Underlying Index based on the Index Providers evaluation that such companies will substantially benefit from a societal transition toward … Show more… The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, WilderShares, LLC (the Index Provider) compiles and maintains the Underlying Index, which is composed of stocks of publicly traded companies listed on a major exchange in the United States that are engaged in the business of the advancement of cleaner energy and conservation or are important to the development of clean energy. The Underlying Index may include securities of foreign issuers, including issuers located in emerging market countries. Stocks are included in the Underlying Index based on the Index Providers evaluation that such companies will substantially benefit from a societal transition toward the use of cleaner energy, zero-CO 2 renewables, and conservation. As of June 30, 2025, the Underlying Index was comprised of 62 constituents with market capitalizations ranging from $67.4 million to $1.0 trillion. The Fund employs a full replication methodology in seeking to track the Underlying Index, meaning that the Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index. Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April 30, 2025, the Fund had significant exposure to the clean energy industry and industrials sector. The Funds portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less