Strategy. The Fund is an actively managed exchange-traded fund (ETF) that pursues its investment objective by seeking investment exposure to the largest companies (Underlying Issuers) in the Banks Industry and/or Capital Markets Industry (Bank and Capital Markets Industries), each an industry defined by an independent industry classification scheme. The Fund generally will offer exposure to between five and ten Underlying Issuers primarily through the use of swap agreements and/or forward contracts. The Fund also may invest directly in the equity securities issued by the Underlying Issuers, such as common stock or American Depositary Receipts (ADRs), or other securities that provide similar exposure to one or more Underlying Issuers when the Adviser believes doing so is in the best interests of the … Show more… The Fund is an actively managed exchange-traded fund (ETF) that pursues its investment objective by seeking investment exposure to the largest companies (Underlying Issuers) in the Banks Industry and/or Capital Markets Industry (Bank and Capital Markets Industries), each an industry defined by an independent industry classification scheme. The Fund generally will offer exposure to between five and ten Underlying Issuers primarily through the use of swap agreements and/or forward contracts. The Fund also may invest directly in the equity securities issued by the Underlying Issuers, such as common stock or American Depositary Receipts (ADRs), or other securities that provide similar exposure to one or more Underlying Issuers when the Adviser believes doing so is in the best interests of the Fund and its shareholders. Under normal circumstances, the Fund will invest at least 80% of its assets (plus borrowings for investment purposes) in financial instruments and other investments that provide exposure to, or in combination have economic characteristics similar or equivalent to those of, the largest ( i.e. , top quartile by market capitalization, revenue, profit, market share or other similar metric) companies commonly identified as banks or investment banks and assigned to a bank or capital markets industry, or other industries within a financials sector, as classified by an independent industry classification scheme. Roundhill Financial Inc. (the Adviser), the Funds investment adviser, selects the Underlying Issuers for the Fund from a universe comprising the largest companies, measured by market capitalization, in each of the Bank and Capital Markets Industries the shares of which are also listed on a US exchange (including in the form of ADRs). On an annual basis, the Adviser reviews the universe and selects the Underlying Issuers for inclusion in the Funds portfolio based on their market capitalization, trading volumes, and sector relevance, in an attempt to identify the largest and most liquid companies representative of the Bank and Capital Markets Industries. The selected Underlying Issuers are then equally weighted in the portfolio. The Adviser generally rebalances the weighting of the Underlying Issuers in the Funds portfolio on a quarterly basis. Exchange Traded Concepts, LLC (the Sub-Adviser), the Funds sub-adviser, positions the Funds portfolio daily to seek to achieve exposure to the Underlying Issuers to the fullest extent possible consistent with the Funds investment objective. As a result of its investment strategies, the Fund will concentrate ( i.e. , invest more than 25% of its total assets) its investments in one or more of the Bank and Capital Markets Industries at any given time. The Bank and Capital Markets Industries in which the Fund may concentrate may vary over time and from time to time. Additionally, the Fund may invest up to 100% 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; and/or (3) short-term bond ETFs. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940, as amended (the 1940 Act). Show less