Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by providing investment exposure to the Underlying Securities through one or more swap agreements with counterparties that are major global financial institutions. The Funds swap agreements with such counterparties may have a term ranging from a day to more than one year. Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide exposure to the performance of the Underlying Securities. The initial universe of companies eligible for inclusion in the Pure EV Index includes all companies classified under the FactSet Revere Business Industry Classification System (RBICS) within the automobile makers and manufacturers industry. The Pure EV Index consists … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by providing investment exposure to the Underlying Securities through one or more swap agreements with counterparties that are major global financial institutions. The Funds swap agreements with such counterparties may have a term ranging from a day to more than one year. Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide exposure to the performance of the Underlying Securities. The initial universe of companies eligible for inclusion in the Pure EV Index includes all companies classified under the FactSet Revere Business Industry Classification System (RBICS) within the automobile makers and manufacturers industry. The Pure EV Index consists of the stocks of companies that (i) derive at least 50% of their annual revenue or operating activity from the development or manufacturing of electric vehicles and (ii) have identified track records of high trading volume and liquidity. The Underlying Securities are the common shares of the five largest (by market capitalization) electric vehicle manufacturers included on the Pure EV Index at the time of its quarterly reconstitution and rebalancing. The Underlying Securities will be rebalanced to equal weight at the time of the Pure EV Indexs quarterly reconstitution and rebalance and, thereafter, the weighting of each Underlying Security may vary from equal weight until the next quarterly reconstitution and rebalancing of the Pure EV Index. The Pure EV Index is comprised of U.S.-listed equity securities of U.S. companies and foreign equity securities available on a U.S. exchange as American Depositary Receipts (ADRs). The Underlying Securities are subject to the informational requirements of the Securities and Exchange Act of 1934, as amended, and, in accordance therewith, make all required reports and filings with the SEC. Each Underlying Security is publicly traded on either the New York Stock Exchange or the Nasdaq Stock Market. The exact names of the Underlying Securities in which the Fund invests can be found on the Funds website, its annual shareholder report, and Pure EV Indexs website. As a result of its investment strategies, the Fund concentrates ( i.e. , invests more than 25% of its total assets) in investments that provide exposure to the automobile makers and manufacturers industry. Depending on the amount of collateral required by the Funds swap counterparties, the Fund may invest between 40% and 80% of the Funds portfolio in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality (collectively, Collateral Investments). The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. Show less