Strategy. The Fund uses a ?passive management? (or indexing) to track the performance, before fees and expenses, of the Index. The Fund, under normal circumstances, invests at least 80% of its assets in the securities that comprise the Index. The Fund expects to hold each stock in approximately the same proportion as its weighting in the Index. The Index is owned by Constrained Capital LLC, the sponsor of the Fund (?Constrained Capital? or ?Sponsor?). The Index is calculated, administered, and published by Solactive AG (?Solactive?), which is the Indexs administrator (the ?Index Administrator?). The Index Administrator independently prices the Index on a continuous basis during equity market hours. The Index includes free-float market capitalization weighted companies and is comprised of U.S.-listed … Show more… The Fund uses a ?passive management? (or indexing) to track the performance, before fees and expenses, of the Index. The Fund, under normal circumstances, invests at least 80% of its assets in the securities that comprise the Index. The Fund expects to hold each stock in approximately the same proportion as its weighting in the Index. The Index is owned by Constrained Capital LLC, the sponsor of the Fund (?Constrained Capital? or ?Sponsor?). The Index is calculated, administered, and published by Solactive AG (?Solactive?), which is the Indexs administrator (the ?Index Administrator?). The Index Administrator independently prices the Index on a continuous basis during equity market hours. The Index includes free-float market capitalization weighted companies and is comprised of U.S.-listed stocks and American Depositary Receipts (?ADRs?) of companies whose primary business is in a sector or sub-sector (each, an ?Orphaned Sector?) that is commonly ?orphaned?, discarded, or excluded by Environmental, Social, and Governance (?ESG?)-centric mutual funds and exchange-traded funds (?ETFs?) registered under the Investment Company Act of 1940, as amended (the ?1940 Act?). The universe of potential Index constituents begins with the securities included in the Solactive GBS Global Markets Investable Universe USD Index that are listed on the New York Stock Exchange or the NASDAQ Stock Market LLC (?NASDAQ?) or that have an ADR that trades on the New York Stock Exchange or NASDAQ. Eligible Index constituents are then sorted by market capitalization from largest to smallest. The list of potential Index constituents is narrowed to include only those U.S.-listed equity securities that are classified in an Orphaned Sector under the FactSet Standard Industry Classification System. The Index methodology currently considers the following as Orphaned Sectors: fossil fuel energy, nuclear power, tobacco, weapons/firearms, alcohol and gambling. Each Orphaned Sector and the corresponding FactSet Industries are set forth in the table below: Orphaned Sector FactSet Industry Fossil Fuel Energy Integrated Oil, Oil & Gas Production, Oil Refining/Marketing, Coal Nuclear Power Electric Utilities Tobacco Tobacco Weapons / Firearms Aerospace & Defense* Alcohol Beverages: Alcoholic Gambling Casinos/Gaming * A company that is classified as part of the Aerospace & Defense industry by FactSet is eligible for inclusion in the Index only if the company description also includes one of the following key words: weapon(s), military, missile(s), firearm(s), or national security. The list of potential Index constituents is further narrowed to include only the 12 largest companies by market capitalization for each Orphaned Sector. From that list, the 50 largest companies by market capitalization are selected for inclusion in the Index provided that the maximum exposure to any one Orphaned Sector in the Index is capped at 25% of the total Index. As of May 10, 2022, the Index consists of 50 companies. Individual companies within the Index will constitute no more than 10% of the total Index. The Index methodology will also limit individual company positions so that, in the aggregate, the individual companies that would constitute more than 5% of the Index constitute no more than 50% of the total Index at each rebalance (e.g., changes may be made to both the Index constituents and their weights based on the Index methodology) and reweighting (e.g., Index constituents are unchanged but their weights may change). Additional information about the Indexs construction is shown below under the heading ?Additional Information about the Index.? The Fund uses a ?passive? or indexing approach to attempt to achieve its investment objective. The Fund does not try to outperform the Index and does not generally take temporary defensive positions. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the securities in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the securities included in the Index, its weighting of investment exposure to such stocks or industries may be different from that of the Index and it may hold securities that are not included in the Index. The Fund will rebalance its portfolio when the Index rebalances. Additionally, if the Fund receives a creation or redemption unit in cash, the Fund repositions its portfolio in response to assets flowing into or out of the Fund. 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. The Fund is deemed to be non-diversified under the 1940 Act, which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. Show less