Strategy. The Fund seeks to track the performance, before fees and expenses, of the Solactive Roundhill Meme Stock Index which, in turn, seeks to track the performance of meme stocks. Meme stocks are equity securities, including common stock and American depositary receipts (ADRs), of companies that exhibit a combination of elevated social media activity ( i.e., the number of times a company or its ticker is mentioned on specific social media platforms) and high short interest ( i.e. , the percentage of an issuers available publicly traded shares which are unrestricted (free float shares), that have been sold short but which have not yet been covered or closed out), both of which are indicators of market sentiment. Solactive AG acts as … Show more… The Fund seeks to track the performance, before fees and expenses, of the Solactive Roundhill Meme Stock Index which, in turn, seeks to track the performance of meme stocks. Meme stocks are equity securities, including common stock and American depositary receipts (ADRs), of companies that exhibit a combination of elevated social media activity ( i.e., the number of times a company or its ticker is mentioned on specific social media platforms) and high short interest ( i.e. , the percentage of an issuers available publicly traded shares which are unrestricted (free float shares), that have been sold short but which have not yet been covered or closed out), both of which are indicators of market sentiment. Solactive AG acts as the index provider and calculation agent (the Index Provider). Solactive Roundhill Meme Stock Index The Index Provider will define the initial investable universe on the last business day of each month, which will become effective on the close of business five Business Days (defined below) later. The initial investable universe will include all U.S. exchange-listed equity securities (including ADRs) that meet minimum initial market capitalization, average and median daily traded value, and stock price criteria. Each issuer in this initial universe with a minimum market capitalization of $1 billion on Selection Day (defined below) will be assigned a social media activity score. The social media activity score is based on the number of text-based (as opposed to graphics or other image-based) mentions of a companys name or its ticker over a trailing 14-day period on specific social media platforms defined in the Index methodology, the primary purpose of which is to facilitate discussion of the performance of the financial industry generally and/or the stock or options markets specifically. The social media activity score is provided by a third-party data provider that also maintains an exclusion list intended to identify computer generated, false positive, and/or otherwise deceptive postings. Companies on the exclusion list will be excluded from the Index on Selection Day. Upon each Selection Day, the top 50 issuers by social media activity score are then ranked according to their short interest, which is assigned by an independent third-party data provider. The resulting top 25 issuers by short interest will be selected as the components of, and equally weighted in, the Index. The Index components will be rebalanced bi-weekly, with selections made on every second Friday (Selection Day). If a Selection Day does not fall on a day on which the New York Stock Exchange is open (a Business Day), then that Selection Day will be moved to the next Business Day. Any resulting adjustments to reconstitute the Index will be made on the second Business Day after the Selection Day. The Funds Investment Strategy Under normal circumstances, at least 80% of the Funds net assets (plus borrowings for investment purposes) will be invested in meme stocks, which may include common stock and depositary receipts. From time to time, the Funds investments may include the common stock of U.S.-listed special purpose acquisition companies (SPACs), which are blank check companies with no commercial operations that are designed to raise capital via an initial public offering for the purpose of engaging in a merger, acquisition, reorganization, or similar business combination with one or more operating companies. 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. Because the Index is rebalanced bi-weekly, Index concentration may change frequently. The Fund may also experience high portfolio turnover. As of March 31, 2023, the Index was concentrated in the Software Industry, a separate industry within the Information Technology Sector. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940 (the 1940 Act). Show less