TACTILE ANALYTICS ETF (ARVR) Exchange: BATS

DELISTED - The Fund will normally invest at least 80% of its total assets in securities of the Index. The Index is designed to track the performance of companies that are expected to benefit from the increased adoption of augmented reality (“AR”) and virtual reality (“VR”) technologies.   Companies eligible for inclusion in the Index include publicly-listed companies around the world in business segments and industries that engage in the creation of an artificial environment which is experienced through sensory stimuli provided by a computer (“Virtual Technology”), and derive at least 50% of their revenue from activities relating to the AR/VR supply chain, as defined by EQM Indexes LLC (the “Index Provider”) and Tactile Analytics, including companies involved in infrastructure (hardware), tools and platforms (software), applications and content (AR/VR images) and users of such content (“Virtual Technology Companies”). The Fund has adopted an investment policy to invest, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in Virtual Technology Companies.   Eligible Index constituents include U.S. and non-U.S. common stocks, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of Virtual Technology Companies that are traded on an exchange, and have a market capitalization of at least $100 million and a median daily trading volume of at least $2 million for the prior six months or have a minimum free float equivalent to 10% of shares outstanding. Additionally, an eligible Index constituent must have traded on 90% of the eligible trading days in the prior six months. The Index may include securities of new issuers, which are required to have three months of trading history and traded 90% of the eligible trading days during that time period. The Index consists of securities of both U.S. and foreign issuers, including securities of issuers located in emerging market countries. Holdings in the Index are equal-weighted. The Index is rebalanced quarterly but may be rebalanced more frequently for specific corporate events, as determined by the Index Provider. The Index is unmanaged and cannot be invested in directly.   The Fund employs a “passive management” investment strategy designed to track the performance of the Index. The Fund generally will use a replication methodology, meaning it will invest in all of the securities comprising the Index in proportion to the weightings in the Index. However, the Fund may utilize a sampling methodology under various circumstances, including when it may not be possible or practicable to purchase all of the securities in the Index. Exchange Traded Concepts, LLC (the “Adviser”) expects that over time, if the Fund has sufficient assets, the correlation between the Fund’s performance, before fees and expenses, and that of the Index will be 95% or better. A figure of 100% would indicate perfect correlation.   The Fund may invest up to 20% of its assets in investments that are not included in the Index, but that the Adviser or the Fund’s sub-adviser, Vident Investment Advisory, LLC (the “Sub-Adviser”) believes will help the Fund track the Index.    The Fund will concentrate its investments (i.e., invest more than 25% of its total assets) in a particular industry or group of industries to approximately the same extent that the Index concentrates in an industry or group of industries. As of the date of this Prospectus, the Index was not concentrated in any industry or group of industries. In addition, in replicating the Index, the Fund may from time to time invest a significant portion of its assets in the securities of companies in one or more sectors. As of the date of this Prospectus, a significant portion of the Index consisted of companies in the information technology sector.   The Index Provider has partnered with Tactile Analytics to provide research support in developing the Index. Neither the Index Provider nor Tactile Analytics is affiliated with the Fund, the Adviser, or the Sub-Adviser. The Index Provider and Tactile Analytics developed the methodology for determining the securities to be included in the Index and are responsible for the ongoing maintenance of the Index. The Index is calculated and administered by Solactive AG, which is not affiliated with the Fund, the Adviser, the Sub-Adviser, or the Index Provider.