Strategy. The Fund seeks to track the performance, before fees and expenses, of the IO Digital Infrastructure Index, which tracks the performance of digital infrastructure companies. IO Digital Index Partners acts as the Index Provider, and the Index is calculated by Solactive AG. IO Digital Infrastructure Index Modern society is built on an omnipresent internet that depends on digital infrastructure to enable and support its presence and functions. Digital infrastructure is comprised of the high-tech physical assets that support the efficient storage and transmission of data, powering the internet. Digital infrastructure assets include fixed-line, high-speed data transmission technology and hardware (such as fiberoptic cable and certain last-mile technologies that bring data to and from the end-user); data centers; mobile towers and … Show more… The Fund seeks to track the performance, before fees and expenses, of the IO Digital Infrastructure Index, which tracks the performance of digital infrastructure companies. IO Digital Index Partners acts as the Index Provider, and the Index is calculated by Solactive AG. IO Digital Infrastructure Index Modern society is built on an omnipresent internet that depends on digital infrastructure to enable and support its presence and functions. Digital infrastructure is comprised of the high-tech physical assets that support the efficient storage and transmission of data, powering the internet. Digital infrastructure assets include fixed-line, high-speed data transmission technology and hardware (such as fiberoptic cable and certain last-mile technologies that bring data to and from the end-user); data centers; mobile towers and related infrastructure; and other long-lived physical infrastructure assets, which can be characterized as any of the physical resources that are necessary to enable the use of data, computerized devices, methods, systems and processes ( e.g. , customer premise equipment, such as a cable box; real estate housing or on which digital infrastructure assets are fixed; or TV, radio, and other communication antennas). The Index is designed to track the performance of infrastructure assets. A committee composed of IO Digital Index Partners (Index Committee) is responsible for decisions regarding composition of the Index. The Index is comprised of the common stock of 40 U.S. and foreign exchange-listed companies that earn a majority of their revenues from digital infrastructure assets (Digital Infrastructure Companies). To qualify for the Index universe, companies must maintain a minimum market capitalization of $250 million USD and a minimum 1-month trailing average daily traded value of $1 million USD on the Selection Day (defined below). On Selection Day, the Index will be constructed using specific geographic criteria, based on the Index Committees assessment of the location of a companys headquarters or its primary business operations, if located in a different region. The respective minimums and maximums may be changed over time at the Index Committees discretion, however, initially: a minimum of 65% of the Index will be comprised of U.S. companies; a maximum of 15% of the Index will be comprised of emerging markets companies ( i.e. , those markets designated as either Emerging or Frontier in the Dow Jones S&P Country Classification, except for Guernsey and Malta, which the Index Provider considers developed markets); and a maximum of 35% of the Index will be comprised of companies organized and primarily operating in non-U.S. developed market countries, as defined by the S&P Dow Jones Country Classification methodology. Currently, developed market countries are those countries that meet all of the global equity index series eligibility and emerging market criteria and have a nominal Gross Domestic Product per capita, at Purchasing Power Parity (PPP), of greater than US$ 15,000. In addition, each company is ranked based upon the Index Providers proprietary ranking methodology utilizing three fundamental factors: Growth, Value, and Soundness (GVS). In assigning a GVS rank, the Index Committee seeks to optimize the Index for a combination of gross revenue and profitability growth (Growth), attractive purchase prices based on fundamental analysis (Value), and businesses with strong financial health (Soundness). When assessing a companys financial health, the Index Committee may consider a combination of factors, including the companys scale (measured by its sales during the preceding 12 months), cash generation (cash flow growth), profitability, operating leverage, and indebtedness. Growth, Value, and Soundness are interrelated and overlapping factors. Each GVS factor is weighted according to the Indexs proprietary ranking methodology, which utilizes specific metrics, including: last twelve months (LTM) sales; two-year growth in cash flows from operations per share; two-year percentage change in earnings before interest, tax, depreciation and amortization (EBITDA) margin, LTM EBITDA less capital expenditure margin; enterprise value/EBITDA; and net debt/EBITDA. These metrics are interrelated and may be applicable to one or more of the GVS factors. The metrics and their weightings with respect to each GVS factor may be adjusted by the Index Committee over time. However, attributing those metrics to the factor with which they are currently most strongly associated, the Index Committee anticipates the following initial GVS factor weighting: 40% Growth, 10% Value, and 50% Soundness. The Index is systematically constructed by first selecting eligible U.S. companies until the U.S. geographic threshold ( i.e. , 65% of the Index) is met. Once the U.S. threshold is achieved, the Index is further constructed by selecting the highest GVS-ranked companies from around the world, with emerging markets and non-U.S. developed markets each subject to its respective geographic maximum threshold. All constituent position sizes are prescribed according to the Index Providers proprietary GVS ranking methodology until at least 85% of the Index has been allocated. Once at least 85% has been allocated, the remaining allocation is evenly weighted until a total of 40 constituents have been selected (subject to the geographic maximum thresholds). The Index will be rebalanced and reconstituted semi-annually on the third Friday of March and September. Selections will be made the Monday prior to the third Friday of March and September (Selection Day). When selecting the Index universe, the Index Committee may also consider factors such as the scale of a companys business operations (including its total revenue and geographic footprint) and the amount of a companys revenue generated from the portion of its business operations that the Index Committee considers to be digital infrastructure. The Funds Investment Strategy Under normal circumstances, at least 80% of the Funds net assets (plus any borrowings for investment purposes) will be invested in Digital Infrastructure Companies, which may include investments in common stock, American Depository Receipts (ADRs), Global Depository Receipts (GDRs), or equity real estate investment trusts (REITs). The Fund expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index in approximately the same proportions as in the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when Exchange Traded Concepts, LLC (the Sub-Adviser), the Funds sub-adviser, believes it is in the best interests of the Fund ( e.g. , when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund also may invest in securities or other investments not included in the Index, but which the Sub-Adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates ( i.e. , holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of March 31, 2023, the Index was concentrated in the Media Industry, a separate industry within the Communication Services Sector. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940 (the 1940 Act). Show less