Strategy. The Fund invests in securities comprising the Index. The Index was designed by Fount Investment Co., Ltd. (the Index Provider) to measure the performance of companies engaged in the business of providing subscription services, i.e. , companies that sell products or services for recurring subscription revenue (Subscription Companies). Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of Subscription Companies. To construct the Index, the Index Provider begins by identifying sectors of the economy in which companies are likely to offer subscription services. Although the list of sectors identified by the Index Provider may change from time to time, as of the date of this … Show more… The Fund invests in securities comprising the Index. The Index was designed by Fount Investment Co., Ltd. (the Index Provider) to measure the performance of companies engaged in the business of providing subscription services, i.e. , companies that sell products or services for recurring subscription revenue (Subscription Companies). Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of Subscription Companies. To construct the Index, the Index Provider begins by identifying sectors of the economy in which companies are likely to offer subscription services. Although the list of sectors identified by the Index Provider may change from time to time, as of the date of this Prospectus, such sectors include business services, consumer services, technology, telecommunications, and other service provider sectors, as such sectors are defined by the North American Industry Classification System (NAICS) or the FactSet Revere Business and Industry Classification System (each, a Subscription Sector). The Index Provider compiles publicly available information regarding the companies classified in these sectors and applies a proprietary artificial intelligence algorithm that extracts patterns from analyzing data, resulting in the identification of companies engaged in providing subscription services. After identifying the initial investment universe, each companys one year forecasted revenue is reviewed and only companies that are expected to derive more than 50% of their revenue from a Subscription Sector are included. These companies are then reviewed by the Index Provider to ensure they are consistent with the theme of the Index, and the top 50 securities by market capitalization are selected for the Index, with a minimum market capitalization of $300 million required for initial inclusion. Securities eligible for inclusion in the Index include publicly listed common stock of U.S. and foreign (including emerging markets) issuers. Index constituents are weighted according to a modified market capitalization weighting methodology that factors in expected Subscription Sector revenue. Constituents are subject to weight caps such that no individual stock may represent more than 10% of the Index and the aggregate weight of each stock representing more than 5% of the Index may not exceed 40% of the Index. The Index is rebalanced on an annual basis. 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 total 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 December 1, 2022, the Index was concentrated in the Software 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 December 1, 2022, a significant portion of the Index consisted of companies in the Communication Services 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. The Index Provider is not an affiliate of the Fund or the Adviser. The Index Provider developed the methodology for determining the securities to be included in the Index and for the ongoing maintenance of the Index. The Index is calculated and administered by Moorgate Benchmarks Ltd., which is not an affiliate of the Fund, the Adviser or the Index Provider. Show less