0000894189-19-000097.txt : 20190107 0000894189-19-000097.hdr.sgml : 20190107 20190107105407 ACCESSION NUMBER: 0000894189-19-000097 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 30 FILED AS OF DATE: 20190107 DATE AS OF CHANGE: 20190107 EFFECTIVENESS DATE: 20190107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ETF Series Solutions CENTRAL INDEX KEY: 0001540305 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1112 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-179562 FILM NUMBER: 19512579 BUSINESS ADDRESS: STREET 1: 615 EAST MICHIGAN ST CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-287-3700 MAIL ADDRESS: STREET 1: 615 EAST MICHIGAN ST CITY: MILWAUKEE STATE: WI ZIP: 53202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ETF Series Solutions CENTRAL INDEX KEY: 0001540305 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1112 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22668 FILM NUMBER: 19512578 BUSINESS ADDRESS: STREET 1: 615 EAST MICHIGAN ST CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-287-3700 MAIL ADDRESS: STREET 1: 615 EAST MICHIGAN ST CITY: MILWAUKEE STATE: WI ZIP: 53202 0001540305 S000042078 Vident International Equity Fund C000130685 Vident International Equity Fund VIDI 0001540305 S000043147 Vident Core U.S. Equity Fund C000133545 Vident Core U.S. Equity Fund VUSE 0001540305 S000046243 Deep Value ETF C000144551 Deep Value ETF DVP 0001540305 S000046801 Vident Core U.S. Bond Strategy ETF C000146217 Vident Core U.S. Bond Strategy ETF VBND 0001540305 S000050740 Loncar Cancer Immunotherapy ETF C000160229 Loncar Cancer Immunotherapy ETF CNCR 0001540305 S000062680 Loncar China BioPharma ETF C000203299 Loncar China BioPharma ETF CHNA 485BPOS 1 ess-trust_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL


Filed with the U.S. Securities and Exchange Commission on January 7, 2019
1933 Act Registration File No. 333-179562
1940 Act File No. 811-22668
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N‑1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre‑Effective Amendment No.        
Post‑Effective Amendment No. 441
and
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 442
(Check appropriate box or boxes.)

ETF SERIES SOLUTIONS
(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street, Milwaukee, Wisconsin 53202
(Address of Principal Executive Offices, Zip Code)

(Registrant’s Telephone Number, including Area Code): (414) 765-5586

Michael D. Barolsky, Vice President and Secretary
ETF Series Solutions
c/o U.S. Bank Global Fund Services
777 East Wisconsin Avenue, 10th Floor
Milwaukee, Wisconsin 53202
(Name and Address of Agent for Service)

Copy to:
W. John McGuire
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004-2541

As soon as practical after the effective date of this Registration Statement
Approximate Date of Proposed Public Offering

It is proposed that this filing will become effective

immediately upon filing pursuant to paragraph (b)
on                              pursuant to paragraph (b)
60 days after filing pursuant to paragraph (a)(1)
on                              pursuant to paragraph (a)(1)
75 days after filing pursuant to paragraph (a)(2)
on                              pursuant to paragraph (a)(2) of Rule 485.

This Post-Effective Amendment (“PEA”) No. 441 to the Trust’s Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s Post-Effective Amendment No. 431 on Form N‑1A filed December 27, 2018.  This PEA No. 441 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in Post-Effective Amendment No. 431 to the Trust’s Registration Statement.


SIGNATURES


Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to its Registration Statement on Form N-1A to be signed below on its behalf by the undersigned, duly authorized, in the City of Milwaukee, State of Wisconsin, on January 7, 2019.
 
ETF Series Solutions
 
By:  /s/ Michael D. Barolsky               
Michael D. Barolsky
Vice President and Secretary
 
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registrant’s Registration Statement on Form N-1A has been signed below by the following persons in the capacities indicated on January 7, 2019.


Signature
 
Title
     
*/s/ David A. Massart
 
Trustee
David A. Massart
   
     
*/s/ Janet D. Olsen
 
Trustee
Janet D. Olsen
   
     
*/s/ Leonard M. Rush
 
Trustee
Leonard M. Rush
   
     
*/s/ Michael A. Castino
 
Trustee
Michael A. Castino
   
     
*/s/ Paul R. Fearday
 
President
Paul R. Fearday
   
     
*/s/ Kristen M. Weitzel
 
Treasurer
Kristen M. Weitzel
   
     
*By:       /s/ Michael D. Barolsky            
Michael D. Barolsky, Attorney-in-Fact
pursuant to Powers of Attorney
 


 
EXHIBIT INDEX

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE
 

 

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Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights section of the Prospectus, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. Effective January 6, 2016, the Fund's investment objective changed to track the performance, before fees and expenses, of the Vident Core U.S. Bond Index. Prior to January 6, 2016, the Fund's investment objective was to track the price and total return performance, before fees and expenses, of the Vident Core U.S. Bond Strategy Index. Performance shown for periods prior to January 6, 2016 is that of the Vident Core U.S. Bond Strategy Index. Effective January 6, 2016, the Fund's investment objective changed to track the performance, before fees and expenses, of the Vident Core U.S. Stock Index. Prior to January 6, 2016, the Fund's investment objective was to track the price and total return performance, before fees and expenses, of the Vident Core U.S. Equity Index. Performance shown for periods prior to January 6, 2016 is that of the Vident Core U.S. Equity Index. Effective January 6, 2016, the Fund's investment objective changed to track the performance, before fees and expenses, of the Vident Core International Equity Index. Prior to January 6, 2016, the Fund's investment objective was to track the price and total return performance, before fees and expenses, of the Vident International Equity Index. Performance shown for periods prior to January 6, 2016 is that of the Vident International Equity Index. The Fund's investment adviser has agreed to waive 21 basis points (0.21%) of its management fees for the Fund until at least December 31, 2019. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees. Estimated for the current fiscal year. ETF Series Solutions 485BPOS false 0001540305 2018-08-31 2018-12-21 2018-12-31 2018-12-31 Vident Core U.S. Bond Strategy ETF&#174; VBND Portfolio Turnover <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. For the fiscal year ended August 31, 2018, the Fund&#8217;s portfolio turnover rate was 324% of the average value of its portfolio. </p> 3.24 Principal Risks of Investing in the Fund <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:</p> <br/><table cellpadding="0" cellspacing="0" id="z8cce561ae5f740f59034adc5c5efac28" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Call Risk</b>. During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z663baacc0a0346fcb1625728df2dc1b3" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Cash Redemption Risk</b>. The Fund&#8217;s investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z501c48b4a679497698c9f2398a636654" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Credit Risk</b>. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="za177af6644fb437087549c7e77ae0c48" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Extension Risk</b>. During periods of rising interest rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z93ffaf4bd0e24bc8bfbe39164f283b1c" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%; "> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Government Obligations Risk</b>. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law, such as the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;) and the Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;). Securities issued by Fannie Mae and Freddie Mac have historically been supported only by the discretionary authority of the U.S. government. While the U.S. government provides financial support to various U.S. government-sponsored agencies and instrumentalities, such as Fannie Mae and Freddie Mac, no assurance can be given that it will always do so. In September 2008, at the direction of the U.S. Department of the Treasury, Fannie Mae and Freddie Mac were placed into conservatorship under the Federal Housing Finance Agency (&#8220;FHFA&#8221;), an independent regulator, and they remain in such status as of the date of this Prospectus. The U.S. government also took steps to provide additional financial support to Fannie Mae and Freddie Mac.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z87c063f32104498eb49efa74b4414b61" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>High-Yield Securities Risk</b>. High-yield securities (also known as &#8220;junk bonds&#8221;) carry a greater degree of risk and are considered speculative by the major credit rating agencies. High-yield securities may be issued by companies that are restructuring, are smaller and less creditworthy, or are more highly indebted than other companies. This means that they may have more difficulty making scheduled payments of principal and interest. Changes in the value of high-yield securities are influenced more by changes in the financial and business position of the issuing company than by changes in interest rates when compared to investment grade securities. High-yield securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. The Fund&#8217;s investments in high-yield securities expose it to a substantial degree of credit risk. These investments are considered speculative under traditional investment standards. Prices of high-yield securities will rise and fall primarily in response to actual or perceived changes in the issuer&#8217;s financial health, although changes in market interest rates also will affect prices. High-yield securities may experience reduced liquidity and sudden and substantial decreases in price.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z56c91c3ba90e48cd917ede55ca57b176" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Interest Rate Risk</b>. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zf6d4e256812c4172bf8c08f88bf357b5" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Issuer-Specific Risk</b>. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z0227241139494a93a578d56eafe85067" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Liquidity Risk</b>. Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund&#8217;s returns because the Fund may be unable to transact at advantageous times or prices.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z74d931ba6255496ab31c30b68d575485" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Market Risk</b>. The trading prices of debt securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s net asset value (&#8220;NAV&#8221;) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zb4cbe877ed39438f99ef1ee430a4d9c7" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="width: 0.25in;">&#160;</td> <td style="font-family: Wingdings; width: 0.25in;">n</td> <td style="text-align: justify;"><strong>Mortgage- and Asset-Backed Securities Risk</strong>. The Fund may invest in U.S. government agency-backed mortgage- and asset-backed securities. Mortgage- and asset-backed securities are subject to interest rate risk. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. When interest rates fall, mortgage- and asset-backed securities may be subject to prepayment risk. When interest rates rise, certain types of mortgage- and asset-backed securities are subject to extension risk. Mortgage- and asset-backed securities can also be subject to the risk of default on the underlying residential or commercial mortgage(s) or other assets.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z7a20dd5264654a1e85c0db85ee7ee2c7" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Passive Investment Risk</b>. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund&#8217;s performance may be adversely affected by a general decline in the market segments relating to its Index.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z9a7d84642cce4b42a2c1810fd0bc2367" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; "><b>Portfolio Turnover Risk</b>.</font><font>&#160;<font style="FONT-SIZE: 10pt">The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund&#8217;s expenses.</font></font> <font style="FONT-SIZE: 10pt">Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.</font></td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z38558cc9f78147afb27e0193fdc03552" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Prepayment Risk</b>. This is the risk that a borrower will prepay some or the entire principal owed to the Fund. If that happens, the Fund may have to replace the security by investing the proceeds in a security with a lower yield. This could reduce the share price and income distributions of the Fund.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z035c10cf8f984eb2b5af52fb9ac11acd" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Sector Risk</b>.<b>&#160;</b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z5d3c41b768cc4d89a0bfc43153db9907" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in"> n </td> <td style="TEXT-ALIGN: justify"> <b>Shares May Trade at Prices Other Than NAV</b>. As with all exchange traded funds (&#8220;ETFs&#8221;), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund&#8217;s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z3ba2ac11acf04da2b11306f5340d4b8e" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>TBA Securities and Rolls Risk</b>. TBA transactions are subject to increased credit risk and increased overall investment exposure. TBA rolls involve the risk that the Fund&#8217;s counterparty will be unable to deliver the mortgage-backed securities underlying the TBA roll at the fixed time.&#160;If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative may ask for and receive an extension of time to decide whether to enforce the Fund&#8217;s repurchase obligation. In addition, the Fund earns interest by investing the transaction proceeds during the roll period.&#160;TBA roll transactions may have the effect of creating leverage in the Fund&#8217;s portfolio.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z7958b137d805432cb679052566e9bb3b" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Tracking Error Risk. </b>As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</td> </tr> </table> As a result, an investor could lose money over short or long periods of time. Investment Objective <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Vident Core U.S. Bond Strategy ETF (the &#8220;Fund&#8221; or the &#8220;U.S. Bond Fund&#8221;) seeks to track the performance, before fees and expenses, of the Vident Core U.S. Bond Index<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">TM</sup> (the &#8220;Index&#8221; or the &#8220;U.S. Bond Index&#8221;).</p> Fees and Expenses of the Fund <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). <font>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.</font>&#160; </p> 0.0041 0.0000 0.0000 0.0002 0.0043 ~ http://etf.com/20181221/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact ck0001540305_S000046801Member row primary compact * ~ Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights section of the Prospectus, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. Restated to reflect the Fund&#8217;s contractual management fee effective January 31, 2018. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. Performance <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund&#8217;s performance for the calendar years ended December 31. The table illustrates how the Fund&#8217;s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund&#8217;s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Performance information is also available on the Fund&#8217;s website at www.videntfinancialsolutions.com or by calling the Fund toll free at 1-800-617-0004.</p> Calendar Year Total Returns 0.0038 0.0238 0.0285 ~ http://etf.com/20181221/role/ScheduleAnnualTotalReturnsBarChart20003 column dei_LegalEntityAxis compact ck0001540305_S000046801Member column rr_ProspectusShareClassAxis compact ck0001540305_C000146217Member row primary compact * ~ highest quarterly return 0.0306 2016-03-31 lowest quarterly return -0.0345 2016-12-31 year-to-date period ended -0.0214 2018-09-30 <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> For the year-to-date period ended September 30, 2018, the Fund&#8217;s total return was -2.14%. </p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">During the period of time shown in the bar chart, the Fund&#8217;s highest quarterly return was 3.06% for the quarter ended March 31, 2016, and the lowest quarterly return was -3.45% for the quarter ended December 31, 2016.</p> 0.0285 0.0156 Return Before Taxes 0.0196 0.0067 Return After Taxes on Distributions 0.0161 0.0080 Return After Taxes on Distributions and Sale of Fund Shares 0.0359 0.0253 Vident Core U.S. Bond Index/Vident Core U.S. Bond Strategy Index (reflects no deduction for fees, expenses, or taxes) 0.0360 0.0209 FTSE Broad Investment Grade Bond Index (reflects no deduction for fees, expenses, or taxes) 2014-10-15 2014-10-15 2014-10-15 ~ http://etf.com/20181221/role/ScheduleAverageAnnualReturnsTransposed20004 column dei_LegalEntityAxis compact ck0001540305_S000046801Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt; "> <font>After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. </font>In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Shares&#8221; may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. <font>After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (&#8220;IRA&#8221;) or other tax-advantaged accounts. </font> </p> The Fund&#8217;s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. (reflects no deduction for fees, expenses, or taxes) In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Shares&#8221; may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (&#8220;IRA&#8221;) or other tax-advantaged accounts. 1-800-617-0004 www.videntfinancialsolutions.com The following performance information indicates some of the risks of investing in the Fund. Average Annual Total Returns For the Periods Ended December 31, 2017 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Expense Example <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same.</p> 44 138 241 542 ~ http://etf.com/20181221/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact ck0001540305_S000046801Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies of the Fund <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Fund employs a &#8220;passive management&#8221; &#8211; or indexing &#8211; investment approach designed to track the performance of the Index.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: italic 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Vident Core U.S. Bond Index<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">TM</sup></p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Vident Core U.S. Bond Index<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">TM</sup> (Bloomberg:VUBDX) seeks to improve the overall mix of credit quality, interest rate and yield as compared to traditional U.S. core bond indices. The Index diversifies interest rate and credit risks across all core U.S. bond sectors, including U.S. Treasuries, U.S. agency securities, mortgage backed securities (&#8220;MBS&#8221;), and investment-grade corporate bonds, as well as non-core fixed income sectors such as high-yield corporate bonds (also known as &#8220;junk bonds&#8221;) and Treasury Inflation-Protected Securities (&#8220;TIPS&#8221;). While diversification among sectors is an important factor that will drive the risk/return profile of the strategy, another source of risk management is derived from the rules-based process that systematically over- or under-weights each sector based on valuations of each sector, historical relative valuations across sectors, sector default rates, macroeconomics and other quantitative factors. Within the investment grade and high yield corporate sectors, the strategy seeks to improve corporate bond exposures by screening for companies with relatively stronger leadership, governance, and creditworthiness factors. Within each sector, individual bonds are weighted based on a combination of yield, duration (i.e., interest rate sensitivity), creditworthiness, leadership, and governance factors, rather than amount of debt/bonds outstanding, a common approach of traditional bond indices. The Index also seeks to improve liquidity by eliminating small issues and non-U.S. issuers.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Index limits exposure to each of the high-yield corporate bonds and TIPS sectors to 20% and 15% of the Index, respectively. The Index will generally have an effective duration of three to seven years and will generally have an average credit quality of investment grade.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> All rules are systematized and rely on data available at the end of each rebalancing period. The Index is rebalanced monthly and reconstituted quarterly in January, April, July, and October. </p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Index was created in 2015 by Vident Financial, LLC, the Index Provider, for use by the Fund.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: italic 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Fund&#8217;s Investment Strategy</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Fund attempts to invest all, or substantially all, of its assets in the bonds that make up the Index. The Fund expects to use a &#8220;replication&#8221; strategy to achieve its investment objective, meaning it may invest in all of the component securities of the Index, but may, when the sub-adviser believes it is in the best interests of the Fund, use a &#8220;representative sampling&#8221; 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.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt; ">The Fund may utilize the &#8220;To Be Announced&#8221; (&#8220;TBA&#8221;) market for MBS investments.&#160;The TBA market allows investors to gain exposure to MBS with certain broad characteristics (maturity, coupon, age) without taking delivery of the actual securities until the settlement day which is once every month. In addition, the Fund may utilize the TBA roll market, in which one sells, in the TBA market, the security for current month settlement, while simultaneously committing to buy the same TBA security for next month settlement. The Fund may utilize the TBA roll market for extended periods of time without taking delivery of the physical securities.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">Under normal circumstances, at least 80% of the Fund&#8217;s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities (such as TBA securities). Exchange Traded Concepts, LLC (&#8220;ETC&#8221; or the &#8220;Adviser&#8221;), the Fund&#8217;s investment adviser, expects that, over time, the correlation between the Fund&#8217;s performance and that of the Index, before fees and expenses, will be 95% or better.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">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.</p> Vident Core U.S. Equity Fund&#174; VUSE Portfolio Turnover <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. For the fiscal year ended August 31, 2018, the Fund&#8217;s portfolio turnover rate was 63% of the average value of its portfolio. </p> 0.63 Principal Risks of Investing in the Fund <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:</p> <br/><table cellpadding="0" cellspacing="0" id="zc5b48e0ea82c4484a29329c97029e45e" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Equity Market Risk</b>. The equity securities held in the Fund&#8217;s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors, or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z384faa5f4c914c47a39e341e20f30810" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Large-Capitalization Investing</b>. The Fund invests primarily in the securities of large cap companies. As a result, the Fund&#8217;s performance may be adversely affected if securities of large cap companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large cap companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zad500bb37e784342a5f3fe71af41c5fb" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Market Risk</b>. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s net asset value (&#8220;NAV&#8221;) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zfed9856612794b1091a16bb7aee44eee" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Mid-Capitalization Investing</b>. The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund&#8217;s performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies are often more vulnerable to market volatility than securities of larger companies.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z034d5e3cf5c246828ac2a3090937414c" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Small-Capitalization Investing</b>. The Fund may invest in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zd5cdfee7b79e4c69a7f558a4e44eed49" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Passive Investment Risk</b>. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund&#8217;s performance may be adversely affected by a general decline in the market segments relating to its Index.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z5367e837e7174d7882dcb29151e624bb" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; "><b>Portfolio Turnover Risk</b>.</font><font>&#160;<font style="FONT-SIZE: 10pt">The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund&#8217;s expenses.</font></font> <font style="FONT-SIZE: 10pt">Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.</font></td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z868cec79bd4c49be8a8e0616e42afaa7" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Sector Risk</b>.<b>&#160;</b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance of the Fund could be negatively impacted by events affecting each of these sectors.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z896bcd001188415e8e6174260d00b6df" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"/> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in">&#9675;</td> <td style="TEXT-ALIGN: justify"><b>Consumer Discretionary Sector Risk</b><i>.</i> The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z26c57da14fbd4896b2a08420acb1484f" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"/> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in">&#9675;</td> <td style="TEXT-ALIGN: justify"><b>Financial Sector Risk</b>. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z5bf3c57d7e714e579cee1da1113e87f4" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"/> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in">&#9675;</td> <td style="TEXT-ALIGN: justify"><b>Health Care Sector Risk. </b>Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="za67fba2e7bb4489882ca402a1ba57a9a" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"/> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in">&#9675;</td> <td style="TEXT-ALIGN: justify"><b>Industrial Sector Risk</b>. The industrial sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z2541eb5bf0ed4973bbafae9fabbe98d9" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"/> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in">&#9675;</td> <td style="TEXT-ALIGN: justify"><b>Information Technology Sector Risk<i>. </i></b>Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund&#8217;s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zf9f7f6424be340329f0a936bbb1577aa" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in"> n </td> <td style="TEXT-ALIGN: justify"> <b>Shares May Trade at Prices Other Than NAV</b>. As with all exchange traded funds (&#8220;ETFs&#8221;), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund&#8217;s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z5de121113c2146799abd01126b44fe89" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Tracking Error Risk</b>. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</td> </tr> </table> As a result, an investor could lose money over short or long periods of time. Investment Objective <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Vident Core U.S. Equity Fund (the &#8220;Fund&#8221; or &#8220;U.S. Equity Fund&#8221;) seeks to track the performance, before fees and expenses, of the Vident Core U.S. Stock Index<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">TM</sup> (the &#8220;Index&#8221; or the &#8220;U.S. Stock Index&#8221;).</p> Fees and Expenses of the Fund <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.&#160;&#160; </p> 0.0050 0.0000 0.0000 0.0050 ~ http://etf.com/20181221/role/ScheduleAnnualFundOperatingExpenses20007 column dei_LegalEntityAxis compact ck0001540305_S000043147Member row primary compact * ~ Restated to reflect the Fund&#8217;s contractual management fee effective January 31, 2018. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. Performance <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund&#8217;s performance for the calendar years ended December 31. The table illustrates how the Fund&#8217;s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund&#8217;s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Performance information is also available on the Fund&#8217;s website at www.videntfinancialsolutions.com or by calling the Fund toll free at 1-800-617-0004.</p> Calendar Year Total Returns -0.0606 0.1871 0.1644 ~ http://etf.com/20181221/role/ScheduleAnnualTotalReturnsBarChart20009 column dei_LegalEntityAxis compact ck0001540305_S000043147Member column rr_ProspectusShareClassAxis compact ck0001540305_C000133545Member row primary compact * ~ highest quarterly return 0.0886 2016-12-31 lowest quarterly return -0.1050 2015-09-30 year-to-date period ended 0.0398 2018-09-30 <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> For the year-to-date period ended September 30, 2018, the Fund&#8217;s total return was 3.98%. </p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">During the period of time shown in the bar chart, the Fund&#8217;s highest quarterly return was 8.86% for the quarter ended December 31, 2016, and the lowest quarterly return was -10.50% for the quarter ended September 30, 2015.</p> 0.1644 0.0913 Return Before Taxes 0.1610 0.0876 Return After Taxes on Distributions 0.0956 0.0710 Return After Taxes on Distributions and Sale of Fund Shares 0.1654 0.0897 Vident Core U.S. Stock Index/Vident Core U.S. Equity Index (reflects no deduction for fees, expenses, or taxes) 0.2059 0.1103 MSCI US IMI Index - Net (reflects no deduction for fees, expenses, or taxes) 0.2147 0.1179 Morningstar US Market Total Return Index (reflects no deduction for fees, expenses, or taxes) 0.2183 0.1221 S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 2014-01-21 2014-01-21 2014-01-21 2014-01-21 2014-01-21 ~ http://etf.com/20181221/role/ScheduleAverageAnnualReturnsTransposed20010 column dei_LegalEntityAxis compact ck0001540305_S000043147Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt; "><font> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (&#8220;IRA&#8221;) or other tax-advantaged accounts. </font></p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt; "> The Fund changed its benchmark index from the MSCI US IMI Index &#8211; Net to the Morningstar US Market Total Return Index because the Index Provider believes that the new benchmark index provides comparable information to investors at a lower cost. </p> The Fund&#8217;s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. (reflects no deduction for fees, expenses, or taxes) Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (&#8220;IRA&#8221;) or other tax-advantaged accounts. The Fund changed its benchmark index from the MSCI US IMI Index &#8211; Net to the Morningstar US Market Total Return Index because the Index Provider believes that the new benchmark index provides comparable information to investors at a lower cost. 1-800-617-0004 www.videntfinancialsolutions.com The following performance information indicates some of the risks of investing in the Fund. Average Annual Total Returns For the Periods Ended December 31, 2017 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Expense Example <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same.</p> 51 160 280 628 ~ http://etf.com/20181221/role/ScheduleExpenseExampleTransposed20008 column dei_LegalEntityAxis compact ck0001540305_S000043147Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies of the Fund <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Fund employs a &#8220;passive management&#8221; &#8211; or indexing &#8211; investment approach designed to track the performance of the Index.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: italic 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Vident Core U.S. Stock Index<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">TM</sup></p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Index is a rules-based, systematic strategy index comprised of equity securities of issuers domiciled and traded in the United States. The starting universe of eligible companies in the Index consists of U.S.-listed common stock of U.S. companies with market capitalizations of at least $1 billion ($800 million for companies already in the Index), meeting certain minimum liquidity requirements, and not structured as master limited partnerships. The universe of eligible companies is then screened to remove companies with significant accounting risks, governance risks, or other extreme risks, as described below.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Index uses a forensic accounting model to score and rank companies in the Index universe based on a variety of accounting-related metrics (e.g., revenue recognition, earnings quality, changes in accruals, depreciation to capital expenditures, changes in days sales outstanding). The forensic accounting model eliminates the weakest 10% of companies from the Index universe.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Index also assesses the corporate governance policies and practices of companies in the Index universe and scores such companies based on the number of such risks identified. Companies within each sector with the worst corporate governance scores are eliminated. Up to 10% of the companies in the Index universe may be eliminated by this screen.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">Finally, the Index assesses companies in the Index universe for other extreme risks by identifying extraordinary events that may place shareholders&#8217; capital at risk. Such extreme risks may include:</p> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z2a33c71e9a8c4e41b9cf0ed081cda556" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt">&#160;</td> <td style="VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Symbol; MARGIN-TOP: 0pt">&#183;</p> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">A senior executive has been dismissed or faces prosecution for personal misconduct or misrepresentation</p> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0b0b6a0d2f594e5ea81c83b6e57ef2c0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt"/> <td style="VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Symbol; MARGIN-TOP: 0pt">&#183;</p> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">The company has been late in its U.S. Securities and Exchange filings sometime in the past 12 months</p> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z7ceaf8e6571743679545387edd944733" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt"/> <td style="VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Symbol; MARGIN-TOP: 0pt">&#183;</p> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">The company has come under investigation, or been subject to fine, settlement, or conviction for issues related to securities fraud, misrepresentation, or deficiencies in investor protection sometime in the past two years</p> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z1a5841a5771943a0a04298c578084134" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt"/> <td style="VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Symbol; MARGIN-TOP: 0pt">&#183;</p> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">The company is experiencing difficulties obtaining needed financing or refinancing support</p> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z2547a7f187834deda7364d7033c2ab7d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt"/> <td style="VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Symbol; MARGIN-TOP: 0pt">&#183;</p> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">The company is in breach of existing debt covenants</p> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z6ee53304382e4c70a85f5fd9f0dea3e6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt"/> <td style="VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Symbol; MARGIN-TOP: 0pt">&#183;</p> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left"> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">The company is under threat of exchange delisting</p> </td> </tr> </table> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">Any companies flagged for any of the above extreme risks are removed from the Index universe.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> The stocks remaining in the resulting universe are then evaluated, scored and ranked utilizing a proprietary multi-factor model, where each factor seeks to score different stock attributes (such as valuation, quality and momentum). At the time of each reconstitution, the stocks in the Index are weighted based on their relative scores, subject to a maximum allocation of 0.5% for any individual stock and certain liquidity thresholds. Overall sector weights are established based on the market capitalization of the universe of U.S.-listed common stocks of U.S. companies at the time of each reconstitution of the Index. The following are the major market sectors included in the Index: communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. A sector is comprised of multiple industries. For example, the energy sector is comprised of companies in, among others, the natural gas, oil, and petroleum industries. </p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> All rules are systematized and rely on data available at the end of each rebalancing period. The Index is reconstituted and rebalanced semi-annually in January and July. </p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Index was created in 2015 by Vident Financial, LLC, the Index Provider, for use by the Fund.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: italic 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Fund&#8217;s Investment Strategy</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Fund attempts to invest all, or substantially all, of its assets in the common stocks that make up the Index. The Fund will generally use a &#8220;replication&#8221; strategy to achieve its investment objective, meaning it may invest in all of the component securities of the Index, but may, when the sub-adviser believes it is in the best interests of the Fund, use a &#8220;representative sampling&#8221; 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.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">Under normal circumstances, at least 80% of the Fund&#8217;s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. Exchange Traded Concepts, LLC (&#8220;ETC&#8221; or the &#8220;Adviser&#8221;), the Fund&#8217;s investment adviser, expects that, over time, the correlation between the Fund&#8217;s performance and that of the Index, before fees and expenses, will be 95% or better.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">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.</p> Vident International Equity Fund&#174; VIDI Portfolio Turnover <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. For the fiscal year ended August 31, 2018, the Fund&#8217;s portfolio turnover rate was 66% of the average value of its portfolio. </p> 0.66 Principal Risks of Investing in the Fund <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:</p> <br/><table cellpadding="0" cellspacing="0" id="zd43f2441e1eb469c85e094a9aee9ebc3" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in"> n </td> <td style="TEXT-ALIGN: justify"> <b>Capital Controls and Sanctions Risk</b>. Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares, and cause the Fund to decline in value. </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zba4ec02d85f74845af927c5ff1f9a0f2" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in"> n </td> <td style="TEXT-ALIGN: justify"> <b>Currency Exchange Rate Risk</b>. The Fund may invest a relatively large percentage of its assets in investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund&#8217;s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="za9bc589995ce4279ac9d5cfea418b1a7" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in"> n </td> <td style="TEXT-ALIGN: justify"> <b>Emerging Markets Risk</b>. The Fund may invest in companies organized in emerging market nations. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Fund to decline in value. </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z6434863f160243f4b91c7dbc332198f1" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Equity Market Risk</b>. The equity securities held in the Fund&#8217;s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zac6ffb6ef25544458b7f3e7e7460448a" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Foreign Securities Risk</b>. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zc1d131c903f24ff38b2dd98c3525e8cb" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Geographic Investment Risk</b>. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zf9c17e0fd2d843fb8f60f01f4c9ff71f" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Geopolitical Risk</b>. Some countries and regions in which the Fund invests have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact the Fund&#8217;s investments.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z75f6aa06f2044f538eb5a04045271cf8" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Large-Capitalization Investing</b>. The Fund may invest in the securities of large-capitalization companies. As a result, the Fund&#8217;s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z2bc8fdc7fa7a4b4e8db1a8459f920bcc" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Market Risk</b>. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s net asset value (&#8220;NAV&#8221;) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z0f5af038dfee49d2bdcd0b633fe3b8f6" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Mid-Capitalization Investing</b>. The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund&#8217;s performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies are often more vulnerable to market volatility than securities of larger companies.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z08697542948f459d98c1c01106ea70b2" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Passive Investment Risk</b>. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund&#8217;s performance may be adversely affected by a general decline in the market segments relating to its Index.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z7e17e3b7e30c4216a01813d558df684c" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Sector Risk</b>.<b>&#160;</b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance of the Fund could be negatively impacted by events affecting each of these sectors.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zf32da1b3b5e04c32b8a7ab1531977ae4" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"/> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in">&#9675;</td> <td style="TEXT-ALIGN: justify"><b>Consumer Discretionary Sector Risk</b><i>.</i> The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z3f7873edeaa0451ea130ac409919841c" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"/> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in">&#9675;</td> <td style="TEXT-ALIGN: justify"><b>Financial Sector Risk</b>. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zf1c12fb2dd4f4e91a2823cdc7a9d6238" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"/> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in">&#9675;</td> <td style="TEXT-ALIGN: justify"><b>Industrial Sector Risk</b>. The industrial sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zea1145726d0a490ab79177dd4c8337af" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"/> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in">&#9675;</td> <td style="TEXT-ALIGN: justify"><b>Information Technology Sector Risk<i>. </i></b>Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund&#8217;s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zb1602d493b4547ff9e7258bdeb5ebb3c" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in"> n </td> <td style="TEXT-ALIGN: justify"> <b>Shares May Trade at Prices Other Than NAV</b>. As with all exchange traded funds (&#8220;ETFs&#8221;), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund&#8217;s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund trade on foreign exchanges that are closed when the Fund&#8217;s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="z61e72f1f44d9499a8eebd7e976884155" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Small-Capitalization Investing</b>. The Fund may invest in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.</td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="zf6f86c31d9a546a38e130bfdbed5d388" style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"/> <td style="FONT-FAMILY: Wingdings; WIDTH: 0.25in">n</td> <td style="TEXT-ALIGN: justify"><b>Tracking Error Risk</b>. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</td> </tr> </table> As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. Investment Objective <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Vident International Equity Fund (the &#8220;Fund&#8221; or &#8220;International Equity Fund&#8221;) seeks to track the performance, before fees and expenses, of the Vident Core International Equity Index&#8482; (the &#8220;Index&#8221; or the &#8220;International Equity Index&#8221;).</p> Fees and Expenses of the Fund <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. </p> 0.0061 0.0000 0.0000 0.0061 ~ http://etf.com/20181221/role/ScheduleAnnualFundOperatingExpenses20013 column dei_LegalEntityAxis compact ck0001540305_S000042078Member row primary compact * ~ Restated to reflect the Fund&#8217;s contractual management fee effective January 31, 2018. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. Performance <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund&#8217;s performance for calendar years ended December 31. The table illustrates how the Fund&#8217;s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund&#8217;s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund&#8217;s website at www.videntfinancialsolutions.com or by calling the Fund toll free at 1-800-617-0004.</p> Calendar Year Total Returns -0.0216 -0.1078 0.0853 0.3287 ~ http://etf.com/20181221/role/ScheduleAnnualTotalReturnsBarChart20015 column dei_LegalEntityAxis compact ck0001540305_S000042078Member column rr_ProspectusShareClassAxis compact ck0001540305_C000130685Member row primary compact * ~ highest quarterly return 0.1071 2017-03-31 lowest quarterly return -0.1357 2015-09-30 year-to-date period ended -0.0739 2018-09-30 <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> For the year-to-date period ended September 30, 2018, the Fund&#8217;s total return was -7.39%. </p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> During the period of time shown in the bar chart, the Fund&#8217;s highest quarterly return was 10.71% for the quarter ended March 31, 2017, and the lowest quarterly return was -13.57% for the quarter ended September 30, 2015. </p> 0.3287 0.0502 Return Before Taxes 0.3240 0.0473 Return After Taxes on Distributions 0.1940 0.0403 Return After Taxes on Distributions and Sale of Fund Shares 0.3315 0.0606 Vident Core International Equity Index/Vident International Equity Index (reflects no deduction for fees, expenses, or taxes) 0.2719 0.0473 MSCI AC World ex USA Index (reflects no deduction for fees, expenses, or taxes) 0.2705 0.0490 Morningstar Global ex-US Large-Mid Total Return Index (reflects no deduction for fees, expenses, or taxes) 2013-10-29 2013-10-29 2013-10-29 2013-10-29 ~ http://etf.com/20181221/role/ScheduleAverageAnnualReturnsTransposed20016 column dei_LegalEntityAxis compact ck0001540305_S000042078Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt; "><font> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (&#8220;IRA&#8221;) or other tax-advantaged accounts. </font></p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt; "> The Fund changed its benchmark index from the MSCI AC World ex USA Index to the Morningstar Global ex-US Large-Mid Total Return Index because the Index Provider believes that the new benchmark index provides comparable information to investors at a lower cost. </p> The Fund&#8217;s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. (reflects no deduction for fees, expenses, or taxes) Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (&#8220;IRA&#8221;) or other tax-advantaged accounts. The Fund changed its benchmark index from the MSCI AC World ex USA Index to the Morningstar Global ex-US Large-Mid Total Return Index because the Index Provider believes that the new benchmark index provides comparable information to investors at a lower cost. 1-800-617-0004 www.videntfinancialsolutions.com The following performance information indicates some of the risks of investing in the Fund. Average Annual Total Returns For the Periods Ended December 31, 2017 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Expense Example <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same.</p> 62 195 340 762 ~ http://etf.com/20181221/role/ScheduleExpenseExampleTransposed20014 column dei_LegalEntityAxis compact ck0001540305_S000042078Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies of the Fund <p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Fund employs a &#8220;passive management&#8221; &#8211; or indexing &#8211; investment approach designed to track the performance of the Index.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: italic 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Vident Core International Equity Index&#8482; </p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Index is a rules-based, systematic strategy index comprised of equity securities of issuers in developed and emerging markets outside of the United States. The strategy seeks to apply time-tested investment principles to provide a systematic and optimized investment process that addresses the risks and opportunities of allocating capital in and among international equities.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">Country Allocation</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">Index construction begins by identifying a universe of countries that are deemed to represent the bulk of investable and reliable stock opportunities in the largest and most liquid developed and emerging markets countries located outside of the United States. The Index determines a country&#8217;s investability based on factors including the country&#8217;s liquidity, accessibility to foreign investors, opportunities for efficient transactions, and capital controls. The Index determines a country&#8217;s reliability based on factors including governance, regulatory oversight, market operational efficiency, legal protections for minority and foreign investors and institutional stability. While the number of countries represented in the Index may change from time to time (<i>e.g., </i>at Index reconstitution or rebalance), the number of countries represented in the Index is expected to generally be between 25 and 40.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">Each country within the investable universe is assigned a Country Principles Score (&#8220;CPS&#8221;), which is calculated utilizing a proprietary scoring methodology that seeks to weigh the relative resilience of a country to economic and financial shocks and the relative attractiveness of its investment opportunities. A country&#8217;s resilience reflects the capacity of a country&#8217;s equity markets to absorb and recover from economic and financial shocks and is measured based on a variety of economic metrics related to its financial capital resources (e.g., the country&#8217;s deficit as a percentage of gross domestic product (&#8220;GDP&#8221;), physical capital resources (e.g., total investment as a percentage of GDP), human resources (e.g., productivity, GDP per capital), and institutional and organizational resources (i.e., measures of legal and corporate rights). A country&#8217;s investment opportunity is measured based on short- and long-term changes in the country&#8217;s business and regulatory environment and equity market valuations. Allocation across countries is based on an optimization model that seeks to maximize the Index&#8217;s overall CPS while ensuring the Index portfolio is liquid, well diversified across countries and regions, and transaction cost and turnover efficient.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; FONT: italic 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">Stock Selection</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Index employs a multi-factor model for scoring and ranking stocks listed on a securities exchange within each country in the Index universe. The model combines 20 factors into three distinct factor composites, each seeking to score different stock attributes:</p> <br/><table border="0" cellpadding="0" cellspacing="0" id="z07a2c29493e443cbae8ae3fd1ef3192e" style="font-family: 'Times New Roman', Times, serif;BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 70%; margin-left: auto; margin-right: auto;"> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2px solid; PADDING-TOP: 6pt; WIDTH: 20%"> <div style="FONT-WEIGHT: bold; MARGIN-LEFT: 9pt">Component</div> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2px solid; PADDING-TOP: 6pt; WIDTH: 30%"><b>Examples</b></td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2px solid; PADDING-TOP: 6pt; WIDTH: 10%"><b>Weight</b></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; PADDING-TOP: 6pt; WIDTH: 20%"> <div style="MARGIN-LEFT: 9pt">Valuation</div> </td> <td style="FONT-SIZE: 10pt; PADDING-TOP: 6pt; WIDTH: 30%">Price-to-book ratio, cash flow to enterprise value</td> <td style="FONT-SIZE: 10pt; PADDING-TOP: 6pt; WIDTH: 10%">50%</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; PADDING-TOP: 6pt; WIDTH: 20%"> <div style="MARGIN-LEFT: 9pt">Quality</div> </td> <td style="FONT-SIZE: 10pt; PADDING-TOP: 6pt; WIDTH: 30%">Gross profitability, return on invested capital, margin expansion, leverage, debt &amp; equity issuance</td> <td style="FONT-SIZE: 10pt; PADDING-TOP: 6pt; WIDTH: 10%">30%</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2px solid; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt; WIDTH: 20%"> <div style="MARGIN-LEFT: 9pt">Momentum</div> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2px solid; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt; WIDTH: 30%">Total return for past six months</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2px solid; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt; WIDTH: 10%">20%</td> </tr> </table> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">Stocks are excluded from the Index universe if (i) they trade primarily in China, (ii) the stock&#8217;s issuer is domiciled in Russia or India and does not have a depositary receipt that meets the Index&#8217;s liquidity guidelines, (iii) the stock&#8217;s issuer has a market capitalization of less than US$1 billion (US$800 million for stocks already in the Index), or (iv) the stock does not meet certain minimum liquidity requirements.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">At the time of each reconstitution, the optimization model weights the remaining stocks to maximize the attractive factor attributes of the stocks subject to the following constraints: (i) a maximum allocation of 0.5% for any individual stock, (ii) certain liquidity thresholds, (iii) a maximum allocation of 7.5% for any individual country, and (iv) sector allocations constrained to remain close to their sector weights in a traditional market capitalization weighted index.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt"> All rules are systematized and rely on data available at the end of each rebalancing period. The Index is reconstituted and rebalanced semi-annually in January and July. </p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Index was created in 2015 by Vident Financial, LLC, the Index Provider, for use by the Fund.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: italic 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Fund&#8217;s Investment Strategy</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">The Fund attempts to invest all, or substantially all, of its assets in the common stocks that make up the Index. The Fund expects to use a &#8220;replication&#8221; strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index, but may, when the sub-adviser believes it is in the best interests of the Fund, use a &#8220;representative sampling&#8221; 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.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">Under normal circumstances, at least 80% of the Fund&#8217;s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. Exchange Traded Concepts, LLC (&#8220;ETC&#8221; or the &#8220;Adviser&#8221;), the Fund&#8217;s investment adviser, expects that, over time, the correlation between the Fund&#8217;s performance and that of the Index, before fees and expenses, will be 95% or better.</p> <br/><p style="font-size: 10pt;font-family: 'Times New Roman', Times, serif;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0px; MARGIN-TOP: 0pt">To the extent the Index concentrates (<i>i.e.</i>, 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.</p> Deep Value ETF DVP Portfolio Turnover <div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. For the fiscal year ended August&#160;31, 2018, the Fund&#8217;s portfolio turnover rate was 126% of the average value of its portfolio. </div> 1.26 Principal Investment Risks <div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt">As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:</div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zf7fc9aab0b7b46a2a7793cc2be23ea82" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Equity Market Risk</font>. The equity securities held in the Fund&#8217;s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z37ae6c3f073c444f91f177473a849daa" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Market Risk</font>. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. The Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z3810e2d6705540a6acb270f5fb9062d3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Non-Diversification Risk</font>. Because the Fund is &#8220;non-diversified,&#8221; it may invest a greater percentage of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer could cause the Fund&#8217;s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund&#8217;s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund&#8217;s performance.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z91486ffe255549ef8d3b2d1d283602e1" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Passive Investment Risk</font>. The Fund is not actively managed and neither the Adviser nor Sub-Adviser would sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. 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As with all exchange traded funds (&#8220;ETFs&#8221;), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the Shares will approximate the Fund&#8217;s NAV, there may be times when the market price of the Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z6112275076f44142ae0d343e1aa39d43" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Tax Risk</font>. To qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund&#8217;s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund&#8217;s assets or (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. While the weighting of the Index is not inconsistent with these rules, given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund&#8217;s efforts to satisfy the diversification requirements may affect the Fund&#8217;s execution of its investment strategy and may cause the Fund&#8217;s return to deviate from that of the Index, and the Fund&#8217;s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could incur penalty taxes and be forced to dispose of certain assets, or it could fail to qualify as a regulated investment company. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zd67a9db7fca7415697ea7b52c203a9f4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Tracking Error Risk</font>. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z734554862316439abc238006817bfe73" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Value Investing Risk</font>. The Index methodology is based on a &#8220;value&#8221; style of investing, and consequently, the Fund could suffer losses or produce poor results relative to other funds, even in a rising market, if the methodology used by the Index to determine a company&#8217;s &#8220;value&#8221; or prospects for exceeding earnings expectations or market conditions is wrong. In addition, &#8220;value stocks&#8221; can continue to be undervalued by the market for long periods of time.</div> </td> </tr> </table> As a result, an investor could lose money over short or long periods of time. Because the Fund is &#8220;non-diversified,&#8221; it may invest a greater percentage of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer could cause the Fund&#8217;s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund&#8217;s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund&#8217;s performance. Investment Objective <div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"> The Deep Value ETF (the &#8220;Fund&#8221;) seeks to track the price and total return performance, before fees and expenses, of the Deep Value Index (the &#8220;Index&#8221;). </div> Fees and Expenses of the Fund <div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.</div> 0.0080 0.0000 0.0000 0.0080 -0.0021 0.0059 ~ http://etf.com/20181221/role/ScheduleAnnualFundOperatingExpenses20019 column dei_LegalEntityAxis compact ck0001540305_S000046243Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. 2019-12-31 Performance <div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"> The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund&#8217;s performance for calendar years ended December 31. The table illustrates how the Fund&#8217;s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund&#8217;s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund&#8217;s website at www.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">dvpfund</font>.com or by calling the Fund toll free at 1&#8209;800&#8209;617&#8209;0004. </div> Calendar Year Total Returns -0.1023 0.2480 0.2727 ~ http://etf.com/20181221/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact ck0001540305_S000046243Member column rr_ProspectusShareClassAxis compact ck0001540305_C000144551Member row primary compact * ~ highest quarterly return 0.1220 2017-12-31 lowest quarterly return -0.1018 2015-09-30 year-to-date 0.0893 2018-09-30 <div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"> For the year-to-date period ended September 30, 2018, the Fund&#8217;s total return was 8.93%. </div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"> During the period of time shown in the bar chart, the Fund&#8217;s highest quarterly return was 12.20% for the quarter ended December 31, 2017, and the lowest quarterly return was -10.18% for the quarter ended September 30, 2015. </div> 0.2727 0.1226 Return Before Taxes 0.2663 0.1147 Return After Taxes on Distributions 0.1590 0.0944 Return After Taxes on Distributions and Sale of Shares 0.2795 0.1306 Deep Value Index (reflects no deduction for fees, expenses, or taxes) 0.2183 0.1168 S&P 500 TR Index (reflects no deduction for fees, expenses, or taxes) 2014-09-22 2014-09-22 2014-09-22 ~ http://etf.com/20181221/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0001540305_S000046243Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; ">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (&#8220;IRA&#8221;) or other tax-advantaged accounts.</font></div> The Fund&#8217;s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. (reflects no deduction for fees, expenses, or taxes) Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (&#8220;IRA&#8221;) or other tax-advantaged accounts. 1&#8209;800&#8209;617&#8209;0004 www.dvpfund.com The following performance information indicates some of the risks of investing in the Fund. Average Annual Total Returns For the Period Ended December 31, 2017 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Example <div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</div> 60 234 424 970 ~ http://etf.com/20181221/role/ScheduleExpenseExampleTransposed20020 column dei_LegalEntityAxis compact ck0001540305_S000046243Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies <div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"> The Fund uses a &#8220;passive management&#8221; (or indexing) approach to track the performance of the Index. The Index is composed of the common stock of typically 20 companies included in the S&amp;P 500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174; </sup>Index that have been selected through a proprietary ranking system developed by DVP Holdings, LLC, the Fund&#8217;s Index Provider, that evaluates the earnings and cash flows of each company to create a final universe of companies that are deeply undervalued (as defined by the Index methodology) as compared to the S&amp;P 500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174;</sup> Index overall. </div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"> The Deep Value Index </div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">The Index is constructed using an objective, rules-based methodology that begins with an initial universe that mirrors the companies listed on the S&amp;P 500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174; </sup>Index. The universe of companies is then narrowed to include only companies that have positive earnings and returns on invested capital, generate free cash flow, and currently pay a dividend.</div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><font style="text-decoration:underline">Valuation Metrics</font></div> <br/><div style="MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Enterprise Value (EV): </font>A company&#8217;s market capitalization adjusted to eliminate any capital structure bias (e.g., by subtracting debt and cash or cash equivalents).</div> <br/><div style="MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">EBITDA: </font>A company&#8217;s earnings before interest, taxes, depreciation and amortization.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Free Cash Flow (FCF): </font>A company&#8217;s cash flow from operations minus capital expenditures.</div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">The remaining companies are then evaluated based on valuation metrics. The companies within the Index are weighted based on a rules-based assessment of their valuations relative to each other so that, at the time of each reconstitution, the 5 most undervalued companies are each weighted at 7.5%, the next 5 most undervalued companies are each weighted at 4.5% and the next 10 most undervalued companies are each weighted at 4.0%. From time to time, the Index may include more or less than 20 companies as a result of events such as acquisitions, spin-offs and other corporate actions.</div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">The full Index of 20 companies is reconstituted annually in September. The portion of the Index with the 10 most undervalued (the &#8220;top 10&#8221;) of the 20 companies is not generally rebalanced or otherwise reconstituted during the year. The portion of the Index with the remaining 10 companies (the &#8220;bottom 10&#8221;) is reconstituted quarterly in December, March and June with each of the bottom 10 companies being weighted equally.</div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">The Index was created in 2014 in anticipation of the commencement of operations of the Fund.</div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">The Fund&#8217;s Investment Strategy</div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">The Fund attempts to invest all, or substantially all, of its assets in the common stocks that make up the Index. Under normal circumstances, at least 80% of the Fund&#8217;s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. Exchange Traded Concepts, LLC (&#8220;ETC&#8221; or the &#8220;Adviser&#8221;), the Fund&#8217;s investment adviser, expects that, over time, the correlation between the Fund&#8217;s performance and that of the Index, before fees and expenses, will be 95% or better.</div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">The Fund will generally use a &#8220;replication&#8221; strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. However, the Fund may use a &#8220;representative sampling&#8221; 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 the 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).</div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) 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). The Fund may also invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in cash and cash equivalents, as well as in shares of other investment companies, futures contracts, and swaps.</div> <br/><div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">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.</div> Loncar Cancer Immunotherapy ETF CNCR Portfolio Turnover <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. For the fiscal year ended August 31, 2018, the Fund&#8217;s portfolio turnover rate was 78% of the average value of its portfolio. </div> 0.78 Principal Investment Risks <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return, and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund&#8217;s Prospectus titled &#8220;Additional Information About the Fund&#8212;Principal Investment Risks.&#8221; </div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z56c92844da774bafa8b4d6c1b0f6c854" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Depositary Receipt Risk. </font>Depositary Receipts&#160;involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. Depositary Receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (&#8220;Underlying Shares&#8221;). When the Fund invests in Depositary Receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the Depositary Receipts may not provide a return that corresponds precisely with that of the Underlying Shares. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z641d1251f7bb4fd0908fb3eefa2ef1dd" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Equity Market Risk</font>. The equity securities held in the Fund&#8217;s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zfdd76bcb1b7c49b5ade4c768d4df749d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> ETF Risks. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z99c9ef5a6caa47aa869b5b0c33c0485b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk</font>. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z2b6f082472d84faea2eb19d3c5ae7f37" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Costs of Buying or Selling Shares</font>. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z695b0abd9f274830864ea242504244b4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Shares of the Fund May Trade at Prices Other Than NAV</font>. As with all exchange traded funds (&#8220;ETFs&#8221;), Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the Fund&#8217;s shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. Because certain securities held by the Fund trade on foreign exchanges that are closed when the Fund&#8217;s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z39e9d0b3b1f64e27818a1862da1747d3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Trading</font>. Although Shares are listed for trading on The Nasdaq Stock Market LLC (the &#8220;Exchange&#8221;) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund&#8217;s underlying portfolio holdings, which can be significantly less liquid than Shares. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zbddd6d7e701a4d869f02b6260add800d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Foreign Companies Risk</font>. Investments in ADRs that provide exposure to securities traded in foreign markets involve substantial risk due to limited information; different accounting, auditing and financial reporting standards; or adverse political or economic developments.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z99e53d82528d472390b1895933a6d1fd" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Immunotherapy Companies Risk. </font>Immunotherapy<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>Companies are highly dependent on the development, procurement and marketing of drugs and the protection and exploitation of intellectual property rights. A company&#8217;s valuation can also be greatly affected if one of its products is proven or alleged to be unsafe, ineffective or unprofitable. The stock prices of Immunotherapy<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>Companies have been and will likely continue to be very volatile.</div> </td> </tr> </table> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The costs associated with developing new drugs can be significant, and the results are unpredictable. Newly developed drugs may be susceptible to product obsolescence due to intense competition from new products and less costly generic products. Moreover, the process for obtaining regulatory approval by the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Certain companies in which the Fund may invest are non-U.S. issuers whose securities or ADRs are listed on U.S. exchanges. The international operations of many Immunotherapy Companies expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations and other risks inherent to international business.</div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zc56ee50bc11141fbb4344dc532a5c769" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Non-Diversification Risk. </font>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund&#8217;s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund&#8217;s performance.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="za55b2d885d42406ea9c49ee51665f843" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Passive Investment Risk.</font> The Fund is not actively managed and the Fund&#8217;s sub-adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zfce02d9023704a5ab541a086a9384939" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Portfolio Turnover Risk.</font> The Fund may actively and frequently trade securities or other instruments in its portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund&#8217;s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z7e23342843c4413aa3ed502462fdca1c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Smaller Companies Risk</font>. The Fund may invest in the securities of smaller-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of smaller-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Smaller-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="za6d4bbe7021940b79088bff6ca7a807d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Tax Risk.</font>&#160; To qualify for the favorable tax treatment generally available to regulated investment companies (&#8220;RICs&#8221;), the Fund must satisfy certain diversification requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund&#8217;s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund&#8217;s assets or (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. While the weighting of the Index is not inconsistent with these rules, given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund&#8217;s efforts to satisfy the diversification requirements may affect the Fund&#8217;s execution of its investment strategy and may cause the Fund&#8217;s return to deviate from that of the Index, and the Fund&#8217;s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements.&#160; If the Fund were to fail to satisfy the diversification requirements, it could incur penalty taxes and be forced to dispose of certain assets, or it could fail to qualify as a regulated investment company.&#160; If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zfdeb0eaea4ce41a4bbe747d36d9944e0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Tracking Error Risk.</font> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</div> </td> </tr> </table> You can lose money on your investment in the Fund. 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund&#8217;s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund&#8217;s performance. Investment Objective <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Loncar Cancer Immunotherapy ETF (the &#8220;Fund&#8221;) seeks to track the total return performance, before fees and expenses, of the Loncar Cancer Immunotherapy Index (the &#8220;Index&#8221;).</div> Fees and Expenses of the Fund <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. </div> 0.0079 0.0000 0.0000 0.0079 ~ http://etf.com/20181221/role/ScheduleAnnualFundOperatingExpenses20025 column dei_LegalEntityAxis compact ck0001540305_S000050740Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. Performance <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund&#8217;s performance for the calendar years ended December 31. The table illustrates how the Fund&#8217;s average annual returns for the 1&#8209;year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund&#8217;s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund&#8217;s website at www.LoncarFunds.com or by calling the Fund toll free at 1&#8209;800&#8209;617&#8209;0004. </div> Calendar Year Total Return -0.2536 0.1309 ~ http://etf.com/20181221/role/ScheduleAnnualTotalReturnsBarChart20027 column dei_LegalEntityAxis compact ck0001540305_S000050740Member column rr_ProspectusShareClassAxis compact ck0001540305_C000160229Member row primary compact * ~ highest quarterly return 0.1784 2016-09-30 lowest quarterly return -0.2382 2016-03-31 year-to-date period 0.0484 2018-09-30 <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> For the year-to-date period ended September 30, 2018, the Fund&#8217;s total return was 4.84%. </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">During the period of time shown in the bar chart, the Fund&#8217;s highest quarterly return was 17.84% for the quarter ended September 30, 2016 and the lowest quarterly return was &#8211;23.82% for the quarter ended March 31, 2016.</div> 0.1309 -0.0152 Return Before Taxes 0.1249 -0.0182 Return After Taxes on Distributions 0.0752 -0.0126 Return After Taxes on Distributions and Sale of Fund Shares 0.1405 -0.0056 Loncar Cancer Immunotherapy Index (reflects no deduction for fees, expenses, or taxes) 0.2183 0.1632 Standard & Poor&#8217;s 500 (S&P 500 Index) (reflects no deduction for fees, expenses, or taxes) 2015-10-13 2015-10-13 2015-10-13 ~ http://etf.com/20181221/role/ScheduleAverageAnnualReturnsTransposed20028 column dei_LegalEntityAxis compact ck0001540305_S000050740Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; ">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. </font>In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; ">After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (&#8220;IRA&#8221;) or other tax-advantaged accounts.</font><br/> </div> The Fund&#8217;s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. (reflects no deduction for fees, expenses, or taxes) In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (&#8220;IRA&#8221;) or other tax-advantaged accounts. 1&#8209;800&#8209;617&#8209;0004 www.LoncarFunds.com The following performance information indicates some of the risks of investing in the Fund. Average Annual Total Returns For the Periods Ended December 31, 2017 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Expense Example <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</div> 81 252 ~ http://etf.com/20181221/role/ScheduleExpenseExampleTransposed20026 column dei_LegalEntityAxis compact ck0001540305_S000050740Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Fund uses a &#8220;passive management&#8221; (or indexing) approach to track the performance, before fees and expenses, of the Index.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">Loncar Cancer Immunotherapy Index</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The Index is composed of the common stock of approximately 25 pharmaceutical or biotechnology companies identified by Loncar Investments, LLC (&#8220;Loncar&#8221; or the &#8220;Index Provider&#8221;), the Fund&#8217;s index provider, as having a high strategic focus on the development of drugs that harness the body&#8217;s own immune system to fight cancer (&#8220;immunotherapy&#8221;). Loncar identifies companies with a high strategic focus on cancer immunotherapy (&#8220;Immunotherapy Companies&#8221;) based on whether they meet one or more of the following criteria: </div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0e2a9a3e624d41aea7924787507db482" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 36pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(i)</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The company has a cancer immunotherapy drug(s) approved by either the U.S. Food and Drug Administration or the European Medicines Agency;</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z84c1fc8ff75048f7852e61662a9b82e2" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 36pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(ii)</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The company has a cancer immunotherapy drug(s) in the human stage of testing;</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0fd42f32b5fd4340890ab4716e8c570d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 36pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(iii)</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The company has announced intentions to begin human stage testing of a cancer immunotherapy drug(s); or</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zedc8680a210844c7b5cafcd1334f0928" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 36pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(iv)</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The company has announced an immunotherapy collaboration or partnership with a major pharmaceutical company.</div> </td> </tr> </table> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Index is constructed using an objective, rules-based methodology that begins with an initial universe of all pharmaceutical and biotechnology companies whose equity securities or American Depositary Receipts (&#8220;ADRs&#8221;) are listed on a U.S. exchange. The initial universe is then narrowed to include only those companies that have been determined by Loncar to be Immunotherapy Companies, that are not known to be under investigation by the SEC or any other government or regulatory entity, that have a minimum market capitalization of $100 million, and that meet certain liquidity thresholds. The Index may include small-, mid-, and large-capitalization companies.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> From the remaining companies, the Index Provider then selects (i) five of the largest pharmaceutical Immunotherapy Companies, including the leading pharmaceutical company in each of the three most established and recognized categories of immunotherapy techniques (cell-based therapies, checkpoint inhibitors and targeted antibodies), plus the two other largest pharmaceutical Immunotherapy Companies, and (ii) the twenty largest biotechnology Immunotherapy Companies based on their market capitalization. </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Index is equal-weighted and is rebalanced and reconstituted on the third Tuesday of June and December. The Index was created by Loncar in March 2015 in anticipation of the commencement of operations of the Fund. Additional information about the Index is available on the Index Provider&#8217;s website at www.loncarindex.com.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">The Fund&#8217;s Investment Strategy</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Fund attempts to invest all, or substantially all, of its assets in the component securities and ADRs that make up the Index. Under normal circumstances, at least 80% of the Fund&#8217;s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. Exchange Traded Concepts, LLC (&#8220;ETC&#8221; or the &#8220;Adviser&#8221;), the Fund&#8217;s investment adviser, expects that, over time, the correlation between the Fund&#8217;s performance and that of the Index, before fees and expenses, will be 95% or better.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Fund will generally use a &#8220;replication&#8221; strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. However, the Fund may use a &#8220;representative sampling&#8221; 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 the Fund&#8217;s 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).</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund&#8217;s 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).</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">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 expected to concentrate in Immunotherapy Companies.</div> 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 expected to concentrate in Immunotherapy Companies. Loncar China BioPharma ETF CHNA Portfolio Turnover <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. For the fiscal period August 14, 2018 (commencement of operations) through August 31, 2018, the Fund&#8217;s portfolio turnover rate was 0% of the average value of its portfolio. </div> 0.00 Principal Investment Risks <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return, and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund&#8217;s Prospectus titled &#8220;Additional Information About the Fund&#8212;Principal Investment Risks.&#8221; </div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z9e2ab25c219948b680cf0d745bffb5fb" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">China Biopharma Risk.</font> The biopharmaceutical industry in China is strictly regulated and changes in such regulations, including banning or limiting certain products, may have a material adverse effect on the operations, revenues, and profitability of Biopharma Companies. The laws and regulations applicable to the process of administrative approval of medicine and its production in China require entities producing biopharma products to comply strictly with certain standards and specifications promulgated by the government. In the event that a product is discovered to be not compliant with the government&#8217;s standards and specifications, the health department may revoke its approval of such product, or otherwise limit the use of such product. Additionally, the process of conducting research and various tests on new products before obtaining a new medicine certificate from the National Medical Products Administration (&#8220;NMPA&#8221;) and subsequent procedures may take several years, and the price of certain biopharma products may be regulated in China. Changes in these laws and regulations, including banning or limiting certain products, could have a material adverse effect on the operations, revenues, and profitability of Biopharma Companies held by the Fund. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zbc9be00164d64fee8e4b2c928db3c755" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Currency Exchange Rate Risk.</font> The Fund&#8217;s assets include investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund&#8217;s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0aa6dafc74c64e31857ef11ce333b1e6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Depositary Receipt Risk. </font>Depositary Receipts&#160;involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. Depositary Receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (&#8220;Underlying Shares&#8221;). When the Fund invests in Depositary Receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the Depositary Receipts may not provide a return that corresponds precisely with that of the Underlying Shares. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z7a849cb32cae46b2972ee2b81c045f37" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Equity Market Risk. </font>The equity securities held in the Fund&#8217;s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; ">The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund&#8217;s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z59f493f9c25a4350884ffd311bdb4cd1" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> ETF Risks. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z58eb4705ea794b1f9b009053660017c9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.&#160;</font>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i)&#160;APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii)&#160;market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z6b1be0b84de9430c9c3e515ca28af8fa" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Costs of Buying or Selling Shares.</font> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z87d8b4dc5e7841c4b4e8613af64f9a0a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Shares of the Fund May Trade at Prices Other Than NAV. </font>As with all exchange traded funds (&#8220;ETFs&#8221;), Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of the Fund will approximate the Fund&#8217;s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the Fund&#8217;s shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. Because certain securities held by the Fund trade on foreign exchanges that are closed when the Fund&#8217;s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0d5b7f68c524480082a38a40106fc36f" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Trading</font>.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>Although Shares are listed for trading on The Nasdaq Stock Market LLC (the &#8220;Exchange&#8221;) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund&#8217;s underlying portfolio holdings, which can be significantly less liquid than Shares.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z7ae2b12ae41145e895b47e1d3460d597" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Foreign Securities Risk.</font> Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z35bc09449db343988a30fc1fc01c7b9a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Geographic Investment Risk. </font>To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, such as China, it is more likely to be impacted by events or conditions affecting that country or region. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z5b6669b53c084628b1b3362f1f52dd5e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">China-Specific Risk.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>Investments in Chinese issuers subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political, and social instability. China is a developing market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over the past 25 years, the Chinese government has undertaken reform of economic and market practices and is expanding the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility, and pricing anomalies resulting from governmental influence, a lack of publicly available information, and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations, and higher rates of inflation. Export growth continues to be a major driver of China&#8217;s rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China&#8217;s key trading partners may have an adverse impact on the Chinese economy. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="ze216c8b571d7469c9528af7111414cae" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Geopolitical Risk.&#160;</font>Some countries and regions in which the Fund invests have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact the Fund&#8217;s investments. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z03e51063517446bd8ca79eb76e122300" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> Market Capitalization Risk </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zcf3fb7cc7bf2457ab7542b2be58e4102" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Large-Capitalization Investing.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z14702b50d8b44d5caa6ab84641a5a75d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Mid-Capitalization Investing.</font> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z8e4e5d2de0c048f7aecf332d7a4a4526" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Small-Capitalization Investing</font>. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zb7dd7e7a60d64673a8949c323007fc85" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">New Fund Risk.&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; ">The Fund is a recently organized, non-diversified management investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z7f62a87b7ba243ba81adf14b70ab00c3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Non-Diversification Risk. </font>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund&#8217;s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund&#8217;s performance. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z3603d7cc350a4900af80c191af8b8fd6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Passive Investment Risk.</font> The Fund is not actively managed and the Fund&#8217;s sub-adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z9c59d8bb9c594fb6847f112393ce939f" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Portfolio Turnover Risk.&#160;</font>The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index.&#160;A high portfolio turnover rate increases transaction costs, which may increase the Fund&#8217;s expenses.&#160;Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z3d0c1917898d423fa5015928e5463ff9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Sector Risk.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">T</font>o the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund&#8217;s investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>The Fund may be susceptible to an increased risk of loss, including losses due to adverse occurrences affecting the Fund more than the market as a whole, to the extent that the Fund&#8217;s investments are concentrated in the securities of a particular industry, group of industries, or sector. A significant portion of the Fund&#8217;s assets will be invested in the biotechnology and pharmaceutical industries, which expose the Fund to the risks of the following sector: </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z2a2c21dbc6f04af0b220b01ffae98d92" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 54pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> o </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Healthcare Sector Risk.</font> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines, and an increased emphasis on the delivery of healthcare through outpatient services. </div> </td> </tr> </table> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt"> The costs associated with developing new drugs can be significant, and the results are unpredictable. Newly developed drugs may be susceptible to product obsolescence due to intense competition from new products and less costly generic products. Moreover, the process for obtaining regulatory approval by the U.S. Food and Drug Administration (&#8220;FDA&#8221;), NMPA, or other foreign or domestic governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained. The values of many companies in the health care sector are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information, and the profitability of these companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. </div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zd8fd61edde854d39a18fb36445febd99" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Tax Risk.</font> To qualify for the favorable tax treatment generally available to a regulated investment company (&#8220;RIC&#8221;), the Fund must satisfy, among other requirements described in the SAI, certain diversification requirements. Given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund&#8217;s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could be eligible for relief provisions if the failure is due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If the Fund were to fail to qualify as a RIC for a tax year, and the relief provisions are not available, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In such case, its shareholders would be taxed as if they received ordinary dividends, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z919d087491ce461db03d93bde46f64ef" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"/> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> &#183; </td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Tracking Error Risk.</font> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. </div> </td> </tr> </table> You can lose money on your investment in the Fund. 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund&#8217;s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund&#8217;s performance. Investment Objective <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The Loncar China BioPharma ETF (the &#8220;Fund&#8221;) seeks to track the performance, before fees and expenses, of the Loncar China BioPharma Index (the &#8220;Index&#8221;). </div> Fees and Expenses of the Fund <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. </div> 0.0079 0.0000 0.0000 0.0079 ~ http://etf.com/20181221/role/ScheduleAnnualFundOperatingExpenses20031 column dei_LegalEntityAxis compact ck0001540305_S000062680Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This table and the example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. Estimated for the current fiscal year. Performance <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is also available on the Fund&#8217;s website at www.loncarfunds.com. </div> The Fund is new and therefore does not have a performance history for a full calendar year. www.loncarfunds.com Expense Example <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</div> 81 252 439 978 ~ http://etf.com/20181221/role/ScheduleExpenseExampleTransposed20032 column dei_LegalEntityAxis compact ck0001540305_S000062680Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategy <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The Fund uses a &#8220;passive management&#8221; (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index was developed in 2018 by Loncar Investments LLC, the Fund&#8217;s index provider (&#8220;Loncar&#8221; or the &#8220;Index Provider&#8221;), and seeks to track the performance of a modified equal-weighted portfolio of companies directly involved in the growth of China&#8217;s pharmaceutical and biotech related industries (China&#8217;s &#8220;biopharma sector&#8221;). The Index includes pharmaceutical companies, biotech companies, drug manufacturers, diagnostics companies, wholesalers or distributors of biopharma products, and biopharma service providers (&#8220;Biopharma Companies&#8221;). </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify"> Loncar China BioPharma Index </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The Index is constructed from the universe of Nasdaq- or Hong Kong Stock Exchange-listed companies identified by the Index methodology as Biopharma Companies. To maintain a focus on innovation in the Chinese biopharma sector, companies in the Index universe are screened to eliminate those that focus strictly on manufacturing active pharmaceutical ingredients. The remaining companies are then screened according to the Index rules to include only companies (i) whose principal corporate headquarters is in China or (ii) for which at least 51% of the value of their product revenue and pipeline is tied directly to the Chinese market (such remaining companies, &#8220;China Biopharma Companies&#8221;). </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The pool of China Biopharma Companies is then screened for investibility leaving only companies having a market capitalization of at least USD$200 million, meeting a minimum liquidity threshold, and that are not publicly known to currently be under formal investigation by a government or regulatory entity. </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> At the time of each reconstitution of the Index on the second Monday of each February and August (beginning in February 2019), each constituent is weighted equally, subject to the following adjustments applied depending on a company&#8217;s market capitalization to emphasize the role of larger companies in the Index: </div> <br/><table border="0" cellpadding="0" cellspacing="0" id="z3919829739a94111aceedcf150660927" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 55%; margin-left: auto; margin-right: auto;"> <tr> <td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: top; WIDTH: 56.93%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Market Capitalization (USD$) </div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: 3.26%"> &#160; </td> <td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: top; WIDTH: 39.81%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Weight Adjustment Factor </div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 56.93%; BACKGROUND-COLOR: #d4d4d4"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> $10 billion or more </div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.26%"> &#160; </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 39.81%; BACKGROUND-COLOR: #d4d4d4"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center"> 140% </div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 56.93%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Between $1 billion and $10 billion </div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.26%"> &#160; </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 39.81%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center"> 100% </div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 56.93%; BACKGROUND-COLOR: #d4d4d4"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> From $200 million to $1 billion </div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.26%"> &#160; </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 39.81%; BACKGROUND-COLOR: #d4d4d4"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center"> 70% </div> </td> </tr> </table> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> As of November 14, 2018, the Index contained 28 companies, 6 of which were listed on Nasdaq and 22 of which were listed on the Hong Kong Stock Exchange. As of November 14, 2018, the three largest components of the Index were Sinopharm Group Co Ltd (6.41%), CSPC Pharmaceutical Group Ltd (4.97%), and SSY Group (4.94%). </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify"> The Fund&#8217;s Investment Strategy </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The Fund attempts to invest all, or substantially all, of its assets in the component securities and depositary receipts that make up the Index. Under normal circumstances, at least 80% of the Fund&#8217;s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index or in depositary receipts representing such component securities. Exchange Traded Concepts, LLC (&#8220;ETC&#8221; or the &#8220;Adviser&#8221;), the Fund&#8217;s investment adviser, expects that, over time, the correlation between the Fund&#8217;s performance and that of the Index, before fees and expenses, will be 95% or better. </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The Fund will generally use a &#8220;replication&#8221; strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index in approximately the same proportion as in the Index. However, the Fund may use a &#8220;representative sampling&#8221; 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 the Fund&#8217;s 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). </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund&#8217;s 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). </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> 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 Adviser expects that the Index, and consequently the Fund, will generally be concentrated in the securities of biotech and pharmaceutical companies. </div> 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 Adviser expects that the Index, and consequently the Fund, will generally be concentrated in the securities of biotech and pharmaceutical companies. 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Document and Entity Information
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Prospectus:  
Document Type 485BPOS
Document Period End Date Aug. 31, 2018
Registrant Name ETF Series Solutions
Central Index Key 0001540305
Amendment Flag false
Document Creation Date Dec. 21, 2018
Document Effective Date Dec. 31, 2018
Prospectus Date Dec. 31, 2018
Vident Core U.S. Bond Strategy ETF® | Vident Core U.S. Bond Strategy ETF  
Prospectus:  
Trading Symbol VBND
Vident Core U.S. Equity Fund® | Vident Core U.S. Equity Fund  
Prospectus:  
Trading Symbol VUSE
Vident International Equity Fund® | Vident International Equity Fund  
Prospectus:  
Trading Symbol VIDI
Deep Value ETF | Deep Value ETF  
Prospectus:  
Trading Symbol DVP
Loncar Cancer Immunotherapy ETF | Loncar Cancer Immunotherapy ETF  
Prospectus:  
Trading Symbol CNCR
Loncar China BioPharma ETF | Loncar China BioPharma ETF  
Prospectus:  
Trading Symbol CHNA
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Vident Core U.S. Bond Strategy ETF®
Vident Core U.S. Bond Strategy ETF®
Investment Objective

The Vident Core U.S. Bond Strategy ETF (the “Fund” or the “U.S. Bond Fund”) seeks to track the performance, before fees and expenses, of the Vident Core U.S. Bond IndexTM (the “Index” or the “U.S. Bond Index”).

Fees and Expenses of the Fund

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Vident Core U.S. Bond Strategy ETF®
Vident Core U.S. Bond Strategy ETF
Management Fees 0.41% [1]
Distribution and/or Service (12b-1) Fees none
Other Expenses none
Acquired Fund Fees and Expenses 0.02% [2]
Total Annual Fund Operating Expenses 0.43%
[1] Restated to reflect the Fund's contractual management fee effective January 31, 2018.
[2] Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights section of the Prospectus, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.
Expense Example

The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Vident Core U.S. Bond Strategy ETF® | Vident Core U.S. Bond Strategy ETF | USD ($) 44 138 241 542
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 324% of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Index.


The Vident Core U.S. Bond IndexTM


The Vident Core U.S. Bond IndexTM (Bloomberg:VUBDX) seeks to improve the overall mix of credit quality, interest rate and yield as compared to traditional U.S. core bond indices. The Index diversifies interest rate and credit risks across all core U.S. bond sectors, including U.S. Treasuries, U.S. agency securities, mortgage backed securities (“MBS”), and investment-grade corporate bonds, as well as non-core fixed income sectors such as high-yield corporate bonds (also known as “junk bonds”) and Treasury Inflation-Protected Securities (“TIPS”). While diversification among sectors is an important factor that will drive the risk/return profile of the strategy, another source of risk management is derived from the rules-based process that systematically over- or under-weights each sector based on valuations of each sector, historical relative valuations across sectors, sector default rates, macroeconomics and other quantitative factors. Within the investment grade and high yield corporate sectors, the strategy seeks to improve corporate bond exposures by screening for companies with relatively stronger leadership, governance, and creditworthiness factors. Within each sector, individual bonds are weighted based on a combination of yield, duration (i.e., interest rate sensitivity), creditworthiness, leadership, and governance factors, rather than amount of debt/bonds outstanding, a common approach of traditional bond indices. The Index also seeks to improve liquidity by eliminating small issues and non-U.S. issuers.


The Index limits exposure to each of the high-yield corporate bonds and TIPS sectors to 20% and 15% of the Index, respectively. The Index will generally have an effective duration of three to seven years and will generally have an average credit quality of investment grade.


All rules are systematized and rely on data available at the end of each rebalancing period. The Index is rebalanced monthly and reconstituted quarterly in January, April, July, and October.


The Index was created in 2015 by Vident Financial, LLC, the Index Provider, for use by the Fund.


The Fund’s Investment Strategy


The Fund attempts to invest all, or substantially all, of its assets in the bonds that make up the Index. The Fund expects to use a “replication” strategy to achieve its investment objective, meaning it may invest in all of the component securities of the Index, but may, when the sub-adviser believes it is in the best interests of the Fund, 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.


The Fund may utilize the “To Be Announced” (“TBA”) market for MBS investments. The TBA market allows investors to gain exposure to MBS with certain broad characteristics (maturity, coupon, age) without taking delivery of the actual securities until the settlement day which is once every month. In addition, the Fund may utilize the TBA roll market, in which one sells, in the TBA market, the security for current month settlement, while simultaneously committing to buy the same TBA security for next month settlement. The Fund may utilize the TBA roll market for extended periods of time without taking delivery of the physical securities.


Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities (such as TBA securities). Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.


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.

Principal Risks of Investing in the Fund

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:


n Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income.

n Cash Redemption Risk. The Fund’s investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

n Credit Risk. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.

n Extension Risk. During periods of rising interest rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s investments.

n Government Obligations Risk. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law, such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Securities issued by Fannie Mae and Freddie Mac have historically been supported only by the discretionary authority of the U.S. government. While the U.S. government provides financial support to various U.S. government-sponsored agencies and instrumentalities, such as Fannie Mae and Freddie Mac, no assurance can be given that it will always do so. In September 2008, at the direction of the U.S. Department of the Treasury, Fannie Mae and Freddie Mac were placed into conservatorship under the Federal Housing Finance Agency (“FHFA”), an independent regulator, and they remain in such status as of the date of this Prospectus. The U.S. government also took steps to provide additional financial support to Fannie Mae and Freddie Mac.

n High-Yield Securities Risk. High-yield securities (also known as “junk bonds”) carry a greater degree of risk and are considered speculative by the major credit rating agencies. High-yield securities may be issued by companies that are restructuring, are smaller and less creditworthy, or are more highly indebted than other companies. This means that they may have more difficulty making scheduled payments of principal and interest. Changes in the value of high-yield securities are influenced more by changes in the financial and business position of the issuing company than by changes in interest rates when compared to investment grade securities. High-yield securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. The Fund’s investments in high-yield securities expose it to a substantial degree of credit risk. These investments are considered speculative under traditional investment standards. Prices of high-yield securities will rise and fall primarily in response to actual or perceived changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High-yield securities may experience reduced liquidity and sudden and substantial decreases in price.

n Interest Rate Risk. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

n Issuer-Specific Risk. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.

n Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund’s returns because the Fund may be unable to transact at advantageous times or prices.

n Market Risk. The trading prices of debt securities and other instruments fluctuate in response to a variety of factors. The Fund’s net asset value (“NAV”) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

  n Mortgage- and Asset-Backed Securities Risk. The Fund may invest in U.S. government agency-backed mortgage- and asset-backed securities. Mortgage- and asset-backed securities are subject to interest rate risk. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. When interest rates fall, mortgage- and asset-backed securities may be subject to prepayment risk. When interest rates rise, certain types of mortgage- and asset-backed securities are subject to extension risk. Mortgage- and asset-backed securities can also be subject to the risk of default on the underlying residential or commercial mortgage(s) or other assets.

n Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index.

n Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

n Prepayment Risk. This is the risk that a borrower will prepay some or the entire principal owed to the Fund. If that happens, the Fund may have to replace the security by investing the proceeds in a security with a lower yield. This could reduce the share price and income distributions of the Fund.

n Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

n Shares May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

n TBA Securities and Rolls Risk. TBA transactions are subject to increased credit risk and increased overall investment exposure. TBA rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the TBA roll at the fixed time. If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative may ask for and receive an extension of time to decide whether to enforce the Fund’s repurchase obligation. In addition, the Fund earns interest by investing the transaction proceeds during the roll period. TBA roll transactions may have the effect of creating leverage in the Fund’s portfolio.

n Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
Performance

The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Performance information is also available on the Fund’s website at www.videntfinancialsolutions.com or by calling the Fund toll free at 1-800-617-0004.

Calendar Year Total Returns
Bar Chart

For the year-to-date period ended September 30, 2018, the Fund’s total return was -2.14%.


During the period of time shown in the bar chart, the Fund’s highest quarterly return was 3.06% for the quarter ended March 31, 2016, and the lowest quarterly return was -3.45% for the quarter ended December 31, 2016.

Average Annual Total Returns For the Periods Ended December 31, 2017
Average Annual Returns - Vident Core U.S. Bond Strategy ETF®
Label
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Vident Core U.S. Bond Strategy ETF Return Before Taxes 2.85% 1.56% Oct. 15, 2014
After Taxes on Distributions | Vident Core U.S. Bond Strategy ETF Return After Taxes on Distributions 1.96% 0.67%  
After Taxes on Distributions and Sale of Fund Shares | Vident Core U.S. Bond Strategy ETF Return After Taxes on Distributions and Sale of Fund Shares 1.61% 0.80%  
Vident Core U.S. Bond Index/Vident Core U.S. Bond Strategy Index (reflects no deduction for fees, expenses, or taxes) Vident Core U.S. Bond Index/Vident Core U.S. Bond Strategy Index (reflects no deduction for fees, expenses, or taxes) 3.59% [1] 2.53% [1] Oct. 15, 2014
FTSE Broad Investment Grade Bond Index (reflects no deduction for fees, expenses, or taxes) FTSE Broad Investment Grade Bond Index (reflects no deduction for fees, expenses, or taxes) 3.60% 2.09% Oct. 15, 2014
[1] Effective January 6, 2016, the Fund's investment objective changed to track the performance, before fees and expenses, of the Vident Core U.S. Bond Index. Prior to January 6, 2016, the Fund's investment objective was to track the price and total return performance, before fees and expenses, of the Vident Core U.S. Bond Strategy Index. Performance shown for periods prior to January 6, 2016 is that of the Vident Core U.S. Bond Strategy Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.

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Label Element Value
Vident Core U.S. Bond Strategy ETF®  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vident Core U.S. Bond Strategy ETF®
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Vident Core U.S. Bond Strategy ETF (the “Fund” or the “U.S. Bond Fund”) seeks to track the performance, before fees and expenses, of the Vident Core U.S. Bond IndexTM (the “Index” or the “U.S. Bond Index”).

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. 

Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 324% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 324.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect the Fund’s contractual management fee effective January 31, 2018.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights section of the Prospectus, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Index.


The Vident Core U.S. Bond IndexTM


The Vident Core U.S. Bond IndexTM (Bloomberg:VUBDX) seeks to improve the overall mix of credit quality, interest rate and yield as compared to traditional U.S. core bond indices. The Index diversifies interest rate and credit risks across all core U.S. bond sectors, including U.S. Treasuries, U.S. agency securities, mortgage backed securities (“MBS”), and investment-grade corporate bonds, as well as non-core fixed income sectors such as high-yield corporate bonds (also known as “junk bonds”) and Treasury Inflation-Protected Securities (“TIPS”). While diversification among sectors is an important factor that will drive the risk/return profile of the strategy, another source of risk management is derived from the rules-based process that systematically over- or under-weights each sector based on valuations of each sector, historical relative valuations across sectors, sector default rates, macroeconomics and other quantitative factors. Within the investment grade and high yield corporate sectors, the strategy seeks to improve corporate bond exposures by screening for companies with relatively stronger leadership, governance, and creditworthiness factors. Within each sector, individual bonds are weighted based on a combination of yield, duration (i.e., interest rate sensitivity), creditworthiness, leadership, and governance factors, rather than amount of debt/bonds outstanding, a common approach of traditional bond indices. The Index also seeks to improve liquidity by eliminating small issues and non-U.S. issuers.


The Index limits exposure to each of the high-yield corporate bonds and TIPS sectors to 20% and 15% of the Index, respectively. The Index will generally have an effective duration of three to seven years and will generally have an average credit quality of investment grade.


All rules are systematized and rely on data available at the end of each rebalancing period. The Index is rebalanced monthly and reconstituted quarterly in January, April, July, and October.


The Index was created in 2015 by Vident Financial, LLC, the Index Provider, for use by the Fund.


The Fund’s Investment Strategy


The Fund attempts to invest all, or substantially all, of its assets in the bonds that make up the Index. The Fund expects to use a “replication” strategy to achieve its investment objective, meaning it may invest in all of the component securities of the Index, but may, when the sub-adviser believes it is in the best interests of the Fund, 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.


The Fund may utilize the “To Be Announced” (“TBA”) market for MBS investments. The TBA market allows investors to gain exposure to MBS with certain broad characteristics (maturity, coupon, age) without taking delivery of the actual securities until the settlement day which is once every month. In addition, the Fund may utilize the TBA roll market, in which one sells, in the TBA market, the security for current month settlement, while simultaneously committing to buy the same TBA security for next month settlement. The Fund may utilize the TBA roll market for extended periods of time without taking delivery of the physical securities.


Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities (such as TBA securities). Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.


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.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:


n Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income.

n Cash Redemption Risk. The Fund’s investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

n Credit Risk. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.

n Extension Risk. During periods of rising interest rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s investments.

n Government Obligations Risk. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law, such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Securities issued by Fannie Mae and Freddie Mac have historically been supported only by the discretionary authority of the U.S. government. While the U.S. government provides financial support to various U.S. government-sponsored agencies and instrumentalities, such as Fannie Mae and Freddie Mac, no assurance can be given that it will always do so. In September 2008, at the direction of the U.S. Department of the Treasury, Fannie Mae and Freddie Mac were placed into conservatorship under the Federal Housing Finance Agency (“FHFA”), an independent regulator, and they remain in such status as of the date of this Prospectus. The U.S. government also took steps to provide additional financial support to Fannie Mae and Freddie Mac.

n High-Yield Securities Risk. High-yield securities (also known as “junk bonds”) carry a greater degree of risk and are considered speculative by the major credit rating agencies. High-yield securities may be issued by companies that are restructuring, are smaller and less creditworthy, or are more highly indebted than other companies. This means that they may have more difficulty making scheduled payments of principal and interest. Changes in the value of high-yield securities are influenced more by changes in the financial and business position of the issuing company than by changes in interest rates when compared to investment grade securities. High-yield securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. The Fund’s investments in high-yield securities expose it to a substantial degree of credit risk. These investments are considered speculative under traditional investment standards. Prices of high-yield securities will rise and fall primarily in response to actual or perceived changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High-yield securities may experience reduced liquidity and sudden and substantial decreases in price.

n Interest Rate Risk. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

n Issuer-Specific Risk. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.

n Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund’s returns because the Fund may be unable to transact at advantageous times or prices.

n Market Risk. The trading prices of debt securities and other instruments fluctuate in response to a variety of factors. The Fund’s net asset value (“NAV”) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

  n Mortgage- and Asset-Backed Securities Risk. The Fund may invest in U.S. government agency-backed mortgage- and asset-backed securities. Mortgage- and asset-backed securities are subject to interest rate risk. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. When interest rates fall, mortgage- and asset-backed securities may be subject to prepayment risk. When interest rates rise, certain types of mortgage- and asset-backed securities are subject to extension risk. Mortgage- and asset-backed securities can also be subject to the risk of default on the underlying residential or commercial mortgage(s) or other assets.

n Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index.

n Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

n Prepayment Risk. This is the risk that a borrower will prepay some or the entire principal owed to the Fund. If that happens, the Fund may have to replace the security by investing the proceeds in a security with a lower yield. This could reduce the share price and income distributions of the Fund.

n Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

n Shares May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

n TBA Securities and Rolls Risk. TBA transactions are subject to increased credit risk and increased overall investment exposure. TBA rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the TBA roll at the fixed time. If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative may ask for and receive an extension of time to decide whether to enforce the Fund’s repurchase obligation. In addition, the Fund earns interest by investing the transaction proceeds during the roll period. TBA roll transactions may have the effect of creating leverage in the Fund’s portfolio.

n Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
Risk Lose Money [Text] rr_RiskLoseMoney As a result, an investor could lose money over short or long periods of time.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Performance information is also available on the Fund’s website at www.videntfinancialsolutions.com or by calling the Fund toll free at 1-800-617-0004.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information indicates some of the risks of investing in the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-617-0004
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.videntfinancialsolutions.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

For the year-to-date period ended September 30, 2018, the Fund’s total return was -2.14%.


During the period of time shown in the bar chart, the Fund’s highest quarterly return was 3.06% for the quarter ended March 31, 2016, and the lowest quarterly return was -3.45% for the quarter ended December 31, 2016.

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date period ended
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (2.14%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.06%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.45%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns For the Periods Ended December 31, 2017
Vident Core U.S. Bond Strategy ETF® | Vident Core U.S. Bond Index/Vident Core U.S. Bond Strategy Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Vident Core U.S. Bond Index/Vident Core U.S. Bond Strategy Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.59% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.53% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 15, 2014
Vident Core U.S. Bond Strategy ETF® | FTSE Broad Investment Grade Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel FTSE Broad Investment Grade Bond Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.60%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.09%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 15, 2014
Vident Core U.S. Bond Strategy ETF® | Vident Core U.S. Bond Strategy ETF  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.41% [2]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets none
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.43%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 44
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 138
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 241
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 542
Annual Return 2015 rr_AnnualReturn2015 0.38%
Annual Return 2016 rr_AnnualReturn2016 2.38%
Annual Return 2017 rr_AnnualReturn2017 2.85%
Label rr_AverageAnnualReturnLabel Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 2.85%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.56%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 15, 2014
Vident Core U.S. Bond Strategy ETF® | Vident Core U.S. Bond Strategy ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.96%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.67%
Vident Core U.S. Bond Strategy ETF® | Vident Core U.S. Bond Strategy ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.61%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.80%
[1] Effective January 6, 2016, the Fund's investment objective changed to track the performance, before fees and expenses, of the Vident Core U.S. Bond Index. Prior to January 6, 2016, the Fund's investment objective was to track the price and total return performance, before fees and expenses, of the Vident Core U.S. Bond Strategy Index. Performance shown for periods prior to January 6, 2016 is that of the Vident Core U.S. Bond Strategy Index.
[2] Restated to reflect the Fund's contractual management fee effective January 31, 2018.
[3] Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights section of the Prospectus, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.
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Vident Core U.S. Equity Fund®
Vident Core U.S. Equity Fund®
Investment Objective

The Vident Core U.S. Equity Fund (the “Fund” or “U.S. Equity Fund”) seeks to track the performance, before fees and expenses, of the Vident Core U.S. Stock IndexTM (the “Index” or the “U.S. Stock Index”).

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.  

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Vident Core U.S. Equity Fund®
Vident Core U.S. Equity Fund
Management Fees 0.50% [1]
Distribution and/or Service (12b-1) Fees none
Other Expenses none
Total Annual Fund Operating Expenses 0.50%
[1] Restated to reflect the Fund's contractual management fee effective January 31, 2018.
Expense Example

The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Vident Core U.S. Equity Fund® | Vident Core U.S. Equity Fund | USD ($) 51 160 280 628
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 63% of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Index.


The Vident Core U.S. Stock IndexTM


The Index is a rules-based, systematic strategy index comprised of equity securities of issuers domiciled and traded in the United States. The starting universe of eligible companies in the Index consists of U.S.-listed common stock of U.S. companies with market capitalizations of at least $1 billion ($800 million for companies already in the Index), meeting certain minimum liquidity requirements, and not structured as master limited partnerships. The universe of eligible companies is then screened to remove companies with significant accounting risks, governance risks, or other extreme risks, as described below.


The Index uses a forensic accounting model to score and rank companies in the Index universe based on a variety of accounting-related metrics (e.g., revenue recognition, earnings quality, changes in accruals, depreciation to capital expenditures, changes in days sales outstanding). The forensic accounting model eliminates the weakest 10% of companies from the Index universe.


The Index also assesses the corporate governance policies and practices of companies in the Index universe and scores such companies based on the number of such risks identified. Companies within each sector with the worst corporate governance scores are eliminated. Up to 10% of the companies in the Index universe may be eliminated by this screen.


Finally, the Index assesses companies in the Index universe for other extreme risks by identifying extraordinary events that may place shareholders’ capital at risk. Such extreme risks may include:


 

·

A senior executive has been dismissed or faces prosecution for personal misconduct or misrepresentation


·

The company has been late in its U.S. Securities and Exchange filings sometime in the past 12 months


·

The company has come under investigation, or been subject to fine, settlement, or conviction for issues related to securities fraud, misrepresentation, or deficiencies in investor protection sometime in the past two years


·

The company is experiencing difficulties obtaining needed financing or refinancing support


·

The company is in breach of existing debt covenants


·

The company is under threat of exchange delisting


Any companies flagged for any of the above extreme risks are removed from the Index universe.


The stocks remaining in the resulting universe are then evaluated, scored and ranked utilizing a proprietary multi-factor model, where each factor seeks to score different stock attributes (such as valuation, quality and momentum). At the time of each reconstitution, the stocks in the Index are weighted based on their relative scores, subject to a maximum allocation of 0.5% for any individual stock and certain liquidity thresholds. Overall sector weights are established based on the market capitalization of the universe of U.S.-listed common stocks of U.S. companies at the time of each reconstitution of the Index. The following are the major market sectors included in the Index: communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. A sector is comprised of multiple industries. For example, the energy sector is comprised of companies in, among others, the natural gas, oil, and petroleum industries.


All rules are systematized and rely on data available at the end of each rebalancing period. The Index is reconstituted and rebalanced semi-annually in January and July.


The Index was created in 2015 by Vident Financial, LLC, the Index Provider, for use by the Fund.


The Fund’s Investment Strategy


The Fund attempts to invest all, or substantially all, of its assets in the common stocks that make up the Index. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it may invest in all of the component securities of the Index, but may, when the sub-adviser believes it is in the best interests of the Fund, 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.


Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.


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.

Principal Risks of Investing in the Fund

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:


n Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors, or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

n Large-Capitalization Investing. The Fund invests primarily in the securities of large cap companies. As a result, the Fund’s performance may be adversely affected if securities of large cap companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large cap companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.

n Market Risk. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund’s net asset value (“NAV”) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

n Mid-Capitalization Investing. The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies are often more vulnerable to market volatility than securities of larger companies.

n Small-Capitalization Investing. The Fund may invest in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

n Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index.

n Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

n Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance of the Fund could be negatively impacted by events affecting each of these sectors.

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

Financial Sector Risk. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

Health Care Sector Risk. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services.

Industrial Sector Risk. The industrial sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.

Information Technology Sector Risk. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

n Shares May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

n Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
Performance

The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Performance information is also available on the Fund’s website at www.videntfinancialsolutions.com or by calling the Fund toll free at 1-800-617-0004.

Calendar Year Total Returns
Bar Chart

For the year-to-date period ended September 30, 2018, the Fund’s total return was 3.98%.


During the period of time shown in the bar chart, the Fund’s highest quarterly return was 8.86% for the quarter ended December 31, 2016, and the lowest quarterly return was -10.50% for the quarter ended September 30, 2015.

Average Annual Total Returns For the Periods Ended December 31, 2017
Average Annual Returns - Vident Core U.S. Equity Fund®
Label
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Vident Core U.S. Equity Fund Return Before Taxes 16.44% 9.13% Jan. 21, 2014
After Taxes on Distributions | Vident Core U.S. Equity Fund Return After Taxes on Distributions 16.10% 8.76%  
After Taxes on Distributions and Sale of Fund Shares | Vident Core U.S. Equity Fund Return After Taxes on Distributions and Sale of Fund Shares 9.56% 7.10%  
Vident Core U.S. Stock Index/Vident Core U.S. Equity Index (reflects no deduction for fees, expenses, or taxes) Vident Core U.S. Stock Index/Vident Core U.S. Equity Index (reflects no deduction for fees, expenses, or taxes) 16.54% [1] 8.97% [1] Jan. 21, 2014
MSCI US IMI Index – Net (reflects no deduction for fees, expenses, or taxes) MSCI US IMI Index - Net (reflects no deduction for fees, expenses, or taxes) 20.59% 11.03% Jan. 21, 2014
Morningstar US Market Total Return Index (reflects no deduction for fees, expenses, or taxes) Morningstar US Market Total Return Index (reflects no deduction for fees, expenses, or taxes) 21.47% 11.79% Jan. 21, 2014
S&P 500 Index (reflects no deduction for fees, expenses, or taxes) S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 21.83% 12.21% Jan. 21, 2014
[1] Effective January 6, 2016, the Fund's investment objective changed to track the performance, before fees and expenses, of the Vident Core U.S. Stock Index. Prior to January 6, 2016, the Fund's investment objective was to track the price and total return performance, before fees and expenses, of the Vident Core U.S. Equity Index. Performance shown for periods prior to January 6, 2016 is that of the Vident Core U.S. Equity Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.


The Fund changed its benchmark index from the MSCI US IMI Index – Net to the Morningstar US Market Total Return Index because the Index Provider believes that the new benchmark index provides comparable information to investors at a lower cost.

XML 15 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Vident Core U.S. Equity Fund®  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vident Core U.S. Equity Fund®
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Vident Core U.S. Equity Fund (the “Fund” or “U.S. Equity Fund”) seeks to track the performance, before fees and expenses, of the Vident Core U.S. Stock IndexTM (the “Index” or the “U.S. Stock Index”).

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.  

Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 63% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 63.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect the Fund’s contractual management fee effective January 31, 2018.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Index.


The Vident Core U.S. Stock IndexTM


The Index is a rules-based, systematic strategy index comprised of equity securities of issuers domiciled and traded in the United States. The starting universe of eligible companies in the Index consists of U.S.-listed common stock of U.S. companies with market capitalizations of at least $1 billion ($800 million for companies already in the Index), meeting certain minimum liquidity requirements, and not structured as master limited partnerships. The universe of eligible companies is then screened to remove companies with significant accounting risks, governance risks, or other extreme risks, as described below.


The Index uses a forensic accounting model to score and rank companies in the Index universe based on a variety of accounting-related metrics (e.g., revenue recognition, earnings quality, changes in accruals, depreciation to capital expenditures, changes in days sales outstanding). The forensic accounting model eliminates the weakest 10% of companies from the Index universe.


The Index also assesses the corporate governance policies and practices of companies in the Index universe and scores such companies based on the number of such risks identified. Companies within each sector with the worst corporate governance scores are eliminated. Up to 10% of the companies in the Index universe may be eliminated by this screen.


Finally, the Index assesses companies in the Index universe for other extreme risks by identifying extraordinary events that may place shareholders’ capital at risk. Such extreme risks may include:


 

·

A senior executive has been dismissed or faces prosecution for personal misconduct or misrepresentation


·

The company has been late in its U.S. Securities and Exchange filings sometime in the past 12 months


·

The company has come under investigation, or been subject to fine, settlement, or conviction for issues related to securities fraud, misrepresentation, or deficiencies in investor protection sometime in the past two years


·

The company is experiencing difficulties obtaining needed financing or refinancing support


·

The company is in breach of existing debt covenants


·

The company is under threat of exchange delisting


Any companies flagged for any of the above extreme risks are removed from the Index universe.


The stocks remaining in the resulting universe are then evaluated, scored and ranked utilizing a proprietary multi-factor model, where each factor seeks to score different stock attributes (such as valuation, quality and momentum). At the time of each reconstitution, the stocks in the Index are weighted based on their relative scores, subject to a maximum allocation of 0.5% for any individual stock and certain liquidity thresholds. Overall sector weights are established based on the market capitalization of the universe of U.S.-listed common stocks of U.S. companies at the time of each reconstitution of the Index. The following are the major market sectors included in the Index: communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. A sector is comprised of multiple industries. For example, the energy sector is comprised of companies in, among others, the natural gas, oil, and petroleum industries.


All rules are systematized and rely on data available at the end of each rebalancing period. The Index is reconstituted and rebalanced semi-annually in January and July.


The Index was created in 2015 by Vident Financial, LLC, the Index Provider, for use by the Fund.


The Fund’s Investment Strategy


The Fund attempts to invest all, or substantially all, of its assets in the common stocks that make up the Index. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it may invest in all of the component securities of the Index, but may, when the sub-adviser believes it is in the best interests of the Fund, 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.


Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.


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.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:


n Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors, or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

n Large-Capitalization Investing. The Fund invests primarily in the securities of large cap companies. As a result, the Fund’s performance may be adversely affected if securities of large cap companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large cap companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.

n Market Risk. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund’s net asset value (“NAV”) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

n Mid-Capitalization Investing. The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies are often more vulnerable to market volatility than securities of larger companies.

n Small-Capitalization Investing. The Fund may invest in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

n Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index.

n Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

n Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance of the Fund could be negatively impacted by events affecting each of these sectors.

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

Financial Sector Risk. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

Health Care Sector Risk. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services.

Industrial Sector Risk. The industrial sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.

Information Technology Sector Risk. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

n Shares May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

n Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
Risk Lose Money [Text] rr_RiskLoseMoney As a result, an investor could lose money over short or long periods of time.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Performance information is also available on the Fund’s website at www.videntfinancialsolutions.com or by calling the Fund toll free at 1-800-617-0004.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information indicates some of the risks of investing in the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-617-0004
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.videntfinancialsolutions.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

For the year-to-date period ended September 30, 2018, the Fund’s total return was 3.98%.


During the period of time shown in the bar chart, the Fund’s highest quarterly return was 8.86% for the quarter ended December 31, 2016, and the lowest quarterly return was -10.50% for the quarter ended September 30, 2015.

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date period ended
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 3.98%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.86%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (10.50%)
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged The Fund changed its benchmark index from the MSCI US IMI Index – Net to the Morningstar US Market Total Return Index because the Index Provider believes that the new benchmark index provides comparable information to investors at a lower cost.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.


The Fund changed its benchmark index from the MSCI US IMI Index – Net to the Morningstar US Market Total Return Index because the Index Provider believes that the new benchmark index provides comparable information to investors at a lower cost.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns For the Periods Ended December 31, 2017
Vident Core U.S. Equity Fund® | Vident Core U.S. Stock Index/Vident Core U.S. Equity Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Vident Core U.S. Stock Index/Vident Core U.S. Equity Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.54% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.97% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 21, 2014
Vident Core U.S. Equity Fund® | MSCI US IMI Index – Net (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel MSCI US IMI Index - Net (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 20.59%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.03%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 21, 2014
Vident Core U.S. Equity Fund® | Morningstar US Market Total Return Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Morningstar US Market Total Return Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.47%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.79%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 21, 2014
Vident Core U.S. Equity Fund® | S&P 500 Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500 Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 12.21%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 21, 2014
Vident Core U.S. Equity Fund® | Vident Core U.S. Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.50% [2]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.50%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 51
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 160
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 280
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 628
Annual Return 2015 rr_AnnualReturn2015 (6.06%)
Annual Return 2016 rr_AnnualReturn2016 18.71%
Annual Return 2017 rr_AnnualReturn2017 16.44%
Label rr_AverageAnnualReturnLabel Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.44%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.13%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 21, 2014
Vident Core U.S. Equity Fund® | Vident Core U.S. Equity Fund | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.10%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.76%
Vident Core U.S. Equity Fund® | Vident Core U.S. Equity Fund | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 9.56%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 7.10%
[1] Effective January 6, 2016, the Fund's investment objective changed to track the performance, before fees and expenses, of the Vident Core U.S. Stock Index. Prior to January 6, 2016, the Fund's investment objective was to track the price and total return performance, before fees and expenses, of the Vident Core U.S. Equity Index. Performance shown for periods prior to January 6, 2016 is that of the Vident Core U.S. Equity Index.
[2] Restated to reflect the Fund's contractual management fee effective January 31, 2018.
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Vident International Equity Fund®
Vident International Equity Fund®
Investment Objective

The Vident International Equity Fund (the “Fund” or “International Equity Fund”) seeks to track the performance, before fees and expenses, of the Vident Core International Equity Index™ (the “Index” or the “International Equity Index”).

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Vident International Equity Fund®
Vident International Equity Fund
Management Fees 0.61% [1]
Distribution and/or Service (12b-1) Fees none
Other Expenses none
Total Annual Fund Operating Expenses 0.61%
[1] Restated to reflect the Fund's contractual management fee effective January 31, 2018.
Expense Example

The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Vident International Equity Fund® | Vident International Equity Fund | USD ($) 62 195 340 762
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 66% of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Index.


The Vident Core International Equity Index™


The Index is a rules-based, systematic strategy index comprised of equity securities of issuers in developed and emerging markets outside of the United States. The strategy seeks to apply time-tested investment principles to provide a systematic and optimized investment process that addresses the risks and opportunities of allocating capital in and among international equities.


Country Allocation


Index construction begins by identifying a universe of countries that are deemed to represent the bulk of investable and reliable stock opportunities in the largest and most liquid developed and emerging markets countries located outside of the United States. The Index determines a country’s investability based on factors including the country’s liquidity, accessibility to foreign investors, opportunities for efficient transactions, and capital controls. The Index determines a country’s reliability based on factors including governance, regulatory oversight, market operational efficiency, legal protections for minority and foreign investors and institutional stability. While the number of countries represented in the Index may change from time to time (e.g., at Index reconstitution or rebalance), the number of countries represented in the Index is expected to generally be between 25 and 40.


Each country within the investable universe is assigned a Country Principles Score (“CPS”), which is calculated utilizing a proprietary scoring methodology that seeks to weigh the relative resilience of a country to economic and financial shocks and the relative attractiveness of its investment opportunities. A country’s resilience reflects the capacity of a country’s equity markets to absorb and recover from economic and financial shocks and is measured based on a variety of economic metrics related to its financial capital resources (e.g., the country’s deficit as a percentage of gross domestic product (“GDP”), physical capital resources (e.g., total investment as a percentage of GDP), human resources (e.g., productivity, GDP per capital), and institutional and organizational resources (i.e., measures of legal and corporate rights). A country’s investment opportunity is measured based on short- and long-term changes in the country’s business and regulatory environment and equity market valuations. Allocation across countries is based on an optimization model that seeks to maximize the Index’s overall CPS while ensuring the Index portfolio is liquid, well diversified across countries and regions, and transaction cost and turnover efficient.


Stock Selection


The Index employs a multi-factor model for scoring and ranking stocks listed on a securities exchange within each country in the Index universe. The model combines 20 factors into three distinct factor composites, each seeking to score different stock attributes:


Component
Examples Weight
Valuation
Price-to-book ratio, cash flow to enterprise value 50%
Quality
Gross profitability, return on invested capital, margin expansion, leverage, debt & equity issuance 30%
Momentum
Total return for past six months 20%

Stocks are excluded from the Index universe if (i) they trade primarily in China, (ii) the stock’s issuer is domiciled in Russia or India and does not have a depositary receipt that meets the Index’s liquidity guidelines, (iii) the stock’s issuer has a market capitalization of less than US$1 billion (US$800 million for stocks already in the Index), or (iv) the stock does not meet certain minimum liquidity requirements.


At the time of each reconstitution, the optimization model weights the remaining stocks to maximize the attractive factor attributes of the stocks subject to the following constraints: (i) a maximum allocation of 0.5% for any individual stock, (ii) certain liquidity thresholds, (iii) a maximum allocation of 7.5% for any individual country, and (iv) sector allocations constrained to remain close to their sector weights in a traditional market capitalization weighted index.


All rules are systematized and rely on data available at the end of each rebalancing period. The Index is reconstituted and rebalanced semi-annually in January and July.


The Index was created in 2015 by Vident Financial, LLC, the Index Provider, for use by the Fund.


The Fund’s Investment Strategy


The Fund attempts to invest all, or substantially all, of its assets in the common stocks that make up the Index. The Fund expects to use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index, but may, when the sub-adviser believes it is in the best interests of the Fund, 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.


Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.


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.

Principal Risks of Investing in the Fund

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:


n Capital Controls and Sanctions Risk. Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares, and cause the Fund to decline in value.

n Currency Exchange Rate Risk. The Fund may invest a relatively large percentage of its assets in investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

n Emerging Markets Risk. The Fund may invest in companies organized in emerging market nations. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Fund to decline in value.

n Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

n Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

n Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.

n Geopolitical Risk. Some countries and regions in which the Fund invests have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact the Fund’s investments.

n Large-Capitalization Investing. The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.

n Market Risk. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund’s net asset value (“NAV”) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

n Mid-Capitalization Investing. The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies are often more vulnerable to market volatility than securities of larger companies.

n Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index.

n Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance of the Fund could be negatively impacted by events affecting each of these sectors.

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

Financial Sector Risk. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

Industrial Sector Risk. The industrial sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.

Information Technology Sector Risk. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

n Shares May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.

n Small-Capitalization Investing. The Fund may invest in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

n Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
Performance

The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.videntfinancialsolutions.com or by calling the Fund toll free at 1-800-617-0004.

Calendar Year Total Returns
Bar Chart

For the year-to-date period ended September 30, 2018, the Fund’s total return was -7.39%.


During the period of time shown in the bar chart, the Fund’s highest quarterly return was 10.71% for the quarter ended March 31, 2017, and the lowest quarterly return was -13.57% for the quarter ended September 30, 2015.

Average Annual Total Returns For the Periods Ended December 31, 2017
Average Annual Returns - Vident International Equity Fund®
Label
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Vident International Equity Fund Return Before Taxes 32.87% 5.02% Oct. 29, 2013
After Taxes on Distributions | Vident International Equity Fund Return After Taxes on Distributions 32.40% 4.73%  
After Taxes on Distributions and Sale of Fund Shares | Vident International Equity Fund Return After Taxes on Distributions and Sale of Fund Shares 19.40% 4.03%  
Vident Core International Equity Index/Vident International Equity Index (reflects no deduction for fees, expenses, or taxes) Vident Core International Equity Index/Vident International Equity Index (reflects no deduction for fees, expenses, or taxes) 33.15% [1] 6.06% [1] Oct. 29, 2013
MSCI AC World ex USA Index (reflects no deduction for fees, expenses, or taxes) MSCI AC World ex USA Index (reflects no deduction for fees, expenses, or taxes) 27.19% 4.73% Oct. 29, 2013
Morningstar Global ex-US Large-Mid Total Return Index (reflects no deduction for fees, expenses, or taxes) Morningstar Global ex-US Large-Mid Total Return Index (reflects no deduction for fees, expenses, or taxes) 27.05% 4.90% Oct. 29, 2013
[1] Effective January 6, 2016, the Fund's investment objective changed to track the performance, before fees and expenses, of the Vident Core International Equity Index. Prior to January 6, 2016, the Fund's investment objective was to track the price and total return performance, before fees and expenses, of the Vident International Equity Index. Performance shown for periods prior to January 6, 2016 is that of the Vident International Equity Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.


The Fund changed its benchmark index from the MSCI AC World ex USA Index to the Morningstar Global ex-US Large-Mid Total Return Index because the Index Provider believes that the new benchmark index provides comparable information to investors at a lower cost.

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Label Element Value
Vident International Equity Fund®  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vident International Equity Fund®
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Vident International Equity Fund (the “Fund” or “International Equity Fund”) seeks to track the performance, before fees and expenses, of the Vident Core International Equity Index™ (the “Index” or the “International Equity Index”).

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 66% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 66.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect the Fund’s contractual management fee effective January 31, 2018.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Index.


The Vident Core International Equity Index™


The Index is a rules-based, systematic strategy index comprised of equity securities of issuers in developed and emerging markets outside of the United States. The strategy seeks to apply time-tested investment principles to provide a systematic and optimized investment process that addresses the risks and opportunities of allocating capital in and among international equities.


Country Allocation


Index construction begins by identifying a universe of countries that are deemed to represent the bulk of investable and reliable stock opportunities in the largest and most liquid developed and emerging markets countries located outside of the United States. The Index determines a country’s investability based on factors including the country’s liquidity, accessibility to foreign investors, opportunities for efficient transactions, and capital controls. The Index determines a country’s reliability based on factors including governance, regulatory oversight, market operational efficiency, legal protections for minority and foreign investors and institutional stability. While the number of countries represented in the Index may change from time to time (e.g., at Index reconstitution or rebalance), the number of countries represented in the Index is expected to generally be between 25 and 40.


Each country within the investable universe is assigned a Country Principles Score (“CPS”), which is calculated utilizing a proprietary scoring methodology that seeks to weigh the relative resilience of a country to economic and financial shocks and the relative attractiveness of its investment opportunities. A country’s resilience reflects the capacity of a country’s equity markets to absorb and recover from economic and financial shocks and is measured based on a variety of economic metrics related to its financial capital resources (e.g., the country’s deficit as a percentage of gross domestic product (“GDP”), physical capital resources (e.g., total investment as a percentage of GDP), human resources (e.g., productivity, GDP per capital), and institutional and organizational resources (i.e., measures of legal and corporate rights). A country’s investment opportunity is measured based on short- and long-term changes in the country’s business and regulatory environment and equity market valuations. Allocation across countries is based on an optimization model that seeks to maximize the Index’s overall CPS while ensuring the Index portfolio is liquid, well diversified across countries and regions, and transaction cost and turnover efficient.


Stock Selection


The Index employs a multi-factor model for scoring and ranking stocks listed on a securities exchange within each country in the Index universe. The model combines 20 factors into three distinct factor composites, each seeking to score different stock attributes:


Component
Examples Weight
Valuation
Price-to-book ratio, cash flow to enterprise value 50%
Quality
Gross profitability, return on invested capital, margin expansion, leverage, debt & equity issuance 30%
Momentum
Total return for past six months 20%

Stocks are excluded from the Index universe if (i) they trade primarily in China, (ii) the stock’s issuer is domiciled in Russia or India and does not have a depositary receipt that meets the Index’s liquidity guidelines, (iii) the stock’s issuer has a market capitalization of less than US$1 billion (US$800 million for stocks already in the Index), or (iv) the stock does not meet certain minimum liquidity requirements.


At the time of each reconstitution, the optimization model weights the remaining stocks to maximize the attractive factor attributes of the stocks subject to the following constraints: (i) a maximum allocation of 0.5% for any individual stock, (ii) certain liquidity thresholds, (iii) a maximum allocation of 7.5% for any individual country, and (iv) sector allocations constrained to remain close to their sector weights in a traditional market capitalization weighted index.


All rules are systematized and rely on data available at the end of each rebalancing period. The Index is reconstituted and rebalanced semi-annually in January and July.


The Index was created in 2015 by Vident Financial, LLC, the Index Provider, for use by the Fund.


The Fund’s Investment Strategy


The Fund attempts to invest all, or substantially all, of its assets in the common stocks that make up the Index. The Fund expects to use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index, but may, when the sub-adviser believes it is in the best interests of the Fund, 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.


Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.


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.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:


n Capital Controls and Sanctions Risk. Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares, and cause the Fund to decline in value.

n Currency Exchange Rate Risk. The Fund may invest a relatively large percentage of its assets in investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

n Emerging Markets Risk. The Fund may invest in companies organized in emerging market nations. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Fund to decline in value.

n Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

n Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

n Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.

n Geopolitical Risk. Some countries and regions in which the Fund invests have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact the Fund’s investments.

n Large-Capitalization Investing. The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.

n Market Risk. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund’s net asset value (“NAV”) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

n Mid-Capitalization Investing. The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies are often more vulnerable to market volatility than securities of larger companies.

n Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index.

n Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance of the Fund could be negatively impacted by events affecting each of these sectors.

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

Financial Sector Risk. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

Industrial Sector Risk. The industrial sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.

Information Technology Sector Risk. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

n Shares May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.

n Small-Capitalization Investing. The Fund may invest in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

n Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
Risk Lose Money [Text] rr_RiskLoseMoney As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.videntfinancialsolutions.com or by calling the Fund toll free at 1-800-617-0004.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information indicates some of the risks of investing in the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-617-0004
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.videntfinancialsolutions.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

For the year-to-date period ended September 30, 2018, the Fund’s total return was -7.39%.


During the period of time shown in the bar chart, the Fund’s highest quarterly return was 10.71% for the quarter ended March 31, 2017, and the lowest quarterly return was -13.57% for the quarter ended September 30, 2015.

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date period ended
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (7.39%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 10.71%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.57%)
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged The Fund changed its benchmark index from the MSCI AC World ex USA Index to the Morningstar Global ex-US Large-Mid Total Return Index because the Index Provider believes that the new benchmark index provides comparable information to investors at a lower cost.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.


The Fund changed its benchmark index from the MSCI AC World ex USA Index to the Morningstar Global ex-US Large-Mid Total Return Index because the Index Provider believes that the new benchmark index provides comparable information to investors at a lower cost.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns For the Periods Ended December 31, 2017
Vident International Equity Fund® | Vident Core International Equity Index/Vident International Equity Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Vident Core International Equity Index/Vident International Equity Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 33.15% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 6.06% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 29, 2013
Vident International Equity Fund® | MSCI AC World ex USA Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel MSCI AC World ex USA Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.19%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 4.73%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 29, 2013
Vident International Equity Fund® | Morningstar Global ex-US Large-Mid Total Return Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Morningstar Global ex-US Large-Mid Total Return Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.05%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 4.90%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 29, 2013
Vident International Equity Fund® | Vident International Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.61% [2]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.61%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 62
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 195
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 340
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 762
Annual Return 2014 rr_AnnualReturn2014 (2.16%)
Annual Return 2015 rr_AnnualReturn2015 (10.78%)
Annual Return 2016 rr_AnnualReturn2016 8.53%
Annual Return 2017 rr_AnnualReturn2017 32.87%
Label rr_AverageAnnualReturnLabel Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 32.87%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 5.02%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 29, 2013
Vident International Equity Fund® | Vident International Equity Fund | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 32.40%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 4.73%
Vident International Equity Fund® | Vident International Equity Fund | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 19.40%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 4.03%
[1] Effective January 6, 2016, the Fund's investment objective changed to track the performance, before fees and expenses, of the Vident Core International Equity Index. Prior to January 6, 2016, the Fund's investment objective was to track the price and total return performance, before fees and expenses, of the Vident International Equity Index. Performance shown for periods prior to January 6, 2016 is that of the Vident International Equity Index.
[2] Restated to reflect the Fund's contractual management fee effective January 31, 2018.
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Deep Value ETF
Deep Value ETF
Investment Objective
The Deep Value ETF (the “Fund”) seeks to track the price and total return performance, before fees and expenses, of the Deep Value Index (the “Index”).
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Deep Value ETF
Deep Value ETF
Management Fees 0.80%
Distribution and/or Service (12b-1) Fees none
Other Expenses none
Total Annual Fund Operating Expenses 0.80%
Less Fee Waiver 0.21%
Total Annual Fund Operating Expenses After Fee Waiver 0.59% [1]
[1] The Fund's investment adviser has agreed to waive 21 basis points (0.21%) of its management fees for the Fund until at least December 31, 2019. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Deep Value ETF | Deep Value ETF | USD ($) 60 234 424 970
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 126% of the average value of its portfolio.
Principal Investment Strategies
The Fund uses a “passive management” (or indexing) approach to track the performance of the Index. The Index is composed of the common stock of typically 20 companies included in the S&P 500® Index that have been selected through a proprietary ranking system developed by DVP Holdings, LLC, the Fund’s Index Provider, that evaluates the earnings and cash flows of each company to create a final universe of companies that are deeply undervalued (as defined by the Index methodology) as compared to the S&P 500® Index overall.

The Deep Value Index

The Index is constructed using an objective, rules-based methodology that begins with an initial universe that mirrors the companies listed on the S&P 500® Index. The universe of companies is then narrowed to include only companies that have positive earnings and returns on invested capital, generate free cash flow, and currently pay a dividend.

Valuation Metrics

Enterprise Value (EV): A company’s market capitalization adjusted to eliminate any capital structure bias (e.g., by subtracting debt and cash or cash equivalents).

EBITDA: A company’s earnings before interest, taxes, depreciation and amortization.

Free Cash Flow (FCF): A company’s cash flow from operations minus capital expenditures.

The remaining companies are then evaluated based on valuation metrics. The companies within the Index are weighted based on a rules-based assessment of their valuations relative to each other so that, at the time of each reconstitution, the 5 most undervalued companies are each weighted at 7.5%, the next 5 most undervalued companies are each weighted at 4.5% and the next 10 most undervalued companies are each weighted at 4.0%. From time to time, the Index may include more or less than 20 companies as a result of events such as acquisitions, spin-offs and other corporate actions.

The full Index of 20 companies is reconstituted annually in September. The portion of the Index with the 10 most undervalued (the “top 10”) of the 20 companies is not generally rebalanced or otherwise reconstituted during the year. The portion of the Index with the remaining 10 companies (the “bottom 10”) is reconstituted quarterly in December, March and June with each of the bottom 10 companies being weighted equally.

The Index was created in 2014 in anticipation of the commencement of operations of the Fund.

The Fund’s Investment Strategy

The Fund attempts to invest all, or substantially all, of its assets in the common stocks that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s 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. 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 the 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 generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) 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). The Fund may also invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in cash and cash equivalents, as well as in shares of other investment companies, futures contracts, and swaps.

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.
Principal Investment Risks
As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:

·
Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.

·
Market Risk. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. The Fund’s net asset value per share (“NAV”) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

·
Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.

·
Passive Investment Risk. The Fund is not actively managed and neither the Adviser nor Sub-Adviser would sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.

·
Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

·
Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

·
Shares May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the Shares will approximate the Fund’s NAV, there may be times when the market price of the Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market.

·
Tax Risk. To qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets or (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. While the weighting of the Index is not inconsistent with these rules, given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund’s efforts to satisfy the diversification requirements may affect the Fund’s execution of its investment strategy and may cause the Fund’s return to deviate from that of the Index, and the Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could incur penalty taxes and be forced to dispose of certain assets, or it could fail to qualify as a regulated investment company. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

·
Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.

·
Value Investing Risk. The Index methodology is based on a “value” style of investing, and consequently, the Fund could suffer losses or produce poor results relative to other funds, even in a rising market, if the methodology used by the Index to determine a company’s “value” or prospects for exceeding earnings expectations or market conditions is wrong. In addition, “value stocks” can continue to be undervalued by the market for long periods of time.
Performance
The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.dvpfund.com or by calling the Fund toll free at 1‑800‑617‑0004.
Calendar Year Total Returns
Bar Chart
For the year-to-date period ended September 30, 2018, the Fund’s total return was 8.93%.

During the period of time shown in the bar chart, the Fund’s highest quarterly return was 12.20% for the quarter ended December 31, 2017, and the lowest quarterly return was -10.18% for the quarter ended September 30, 2015.
Average Annual Total Returns For the Period Ended December 31, 2017
Average Annual Returns - Deep Value ETF
Label
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Deep Value ETF Return Before Taxes 27.27% 12.26% Sep. 22, 2014
After Taxes on Distributions | Deep Value ETF Return After Taxes on Distributions 26.63% 11.47%  
After Taxes on Distributions and Sale of Fund Shares | Deep Value ETF Return After Taxes on Distributions and Sale of Shares 15.90% 9.44%  
Deep Value Index (reflects no deduction for fees, expenses, or taxes) Deep Value Index (reflects no deduction for fees, expenses, or taxes) 27.95% 13.06% Sep. 22, 2014
S&P 500 TR Index (reflects no deduction for fees, expenses, or taxes) S&P 500 TR Index (reflects no deduction for fees, expenses, or taxes) 21.83% 11.68% Sep. 22, 2014
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.

XML 21 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Deep Value ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Deep Value ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Deep Value ETF (the “Fund”) seeks to track the price and total return performance, before fees and expenses, of the Deep Value Index (the “Index”).
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Dec. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 126% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 126.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund uses a “passive management” (or indexing) approach to track the performance of the Index. The Index is composed of the common stock of typically 20 companies included in the S&P 500® Index that have been selected through a proprietary ranking system developed by DVP Holdings, LLC, the Fund’s Index Provider, that evaluates the earnings and cash flows of each company to create a final universe of companies that are deeply undervalued (as defined by the Index methodology) as compared to the S&P 500® Index overall.

The Deep Value Index

The Index is constructed using an objective, rules-based methodology that begins with an initial universe that mirrors the companies listed on the S&P 500® Index. The universe of companies is then narrowed to include only companies that have positive earnings and returns on invested capital, generate free cash flow, and currently pay a dividend.

Valuation Metrics

Enterprise Value (EV): A company’s market capitalization adjusted to eliminate any capital structure bias (e.g., by subtracting debt and cash or cash equivalents).

EBITDA: A company’s earnings before interest, taxes, depreciation and amortization.

Free Cash Flow (FCF): A company’s cash flow from operations minus capital expenditures.

The remaining companies are then evaluated based on valuation metrics. The companies within the Index are weighted based on a rules-based assessment of their valuations relative to each other so that, at the time of each reconstitution, the 5 most undervalued companies are each weighted at 7.5%, the next 5 most undervalued companies are each weighted at 4.5% and the next 10 most undervalued companies are each weighted at 4.0%. From time to time, the Index may include more or less than 20 companies as a result of events such as acquisitions, spin-offs and other corporate actions.

The full Index of 20 companies is reconstituted annually in September. The portion of the Index with the 10 most undervalued (the “top 10”) of the 20 companies is not generally rebalanced or otherwise reconstituted during the year. The portion of the Index with the remaining 10 companies (the “bottom 10”) is reconstituted quarterly in December, March and June with each of the bottom 10 companies being weighted equally.

The Index was created in 2014 in anticipation of the commencement of operations of the Fund.

The Fund’s Investment Strategy

The Fund attempts to invest all, or substantially all, of its assets in the common stocks that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s 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. 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 the 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 generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) 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). The Fund may also invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in cash and cash equivalents, as well as in shares of other investment companies, futures contracts, and swaps.

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.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:

·
Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.

·
Market Risk. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. The Fund’s net asset value per share (“NAV”) and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

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Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.

·
Passive Investment Risk. The Fund is not actively managed and neither the Adviser nor Sub-Adviser would sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.

·
Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

·
Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

·
Shares May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the Shares will approximate the Fund’s NAV, there may be times when the market price of the Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market.

·
Tax Risk. To qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets or (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. While the weighting of the Index is not inconsistent with these rules, given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund’s efforts to satisfy the diversification requirements may affect the Fund’s execution of its investment strategy and may cause the Fund’s return to deviate from that of the Index, and the Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could incur penalty taxes and be forced to dispose of certain assets, or it could fail to qualify as a regulated investment company. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

·
Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.

·
Value Investing Risk. The Index methodology is based on a “value” style of investing, and consequently, the Fund could suffer losses or produce poor results relative to other funds, even in a rising market, if the methodology used by the Index to determine a company’s “value” or prospects for exceeding earnings expectations or market conditions is wrong. In addition, “value stocks” can continue to be undervalued by the market for long periods of time.
Risk Lose Money [Text] rr_RiskLoseMoney As a result, an investor could lose money over short or long periods of time.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.dvpfund.com or by calling the Fund toll free at 1‑800‑617‑0004.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information indicates some of the risks of investing in the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1‑800‑617‑0004
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.dvpfund.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
For the year-to-date period ended September 30, 2018, the Fund’s total return was 8.93%.

During the period of time shown in the bar chart, the Fund’s highest quarterly return was 12.20% for the quarter ended December 31, 2017, and the lowest quarterly return was -10.18% for the quarter ended September 30, 2015.
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 8.93%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 12.20%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (10.18%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns For the Period Ended December 31, 2017
Deep Value ETF | Deep Value Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Deep Value Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.95%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 13.06%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Sep. 22, 2014
Deep Value ETF | S&P 500 TR Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500 TR Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.68%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Sep. 22, 2014
Deep Value ETF | Deep Value ETF  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.80%
Less Fee Waiver rr_FeeWaiverOrReimbursementOverAssets 0.21%
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 0.59% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 60
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 234
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 424
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 970
Annual Return 2015 rr_AnnualReturn2015 (10.23%)
Annual Return 2016 rr_AnnualReturn2016 24.80%
Annual Return 2017 rr_AnnualReturn2017 27.27%
Label rr_AverageAnnualReturnLabel Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.27%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 12.26%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Sep. 22, 2014
Deep Value ETF | Deep Value ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 26.63%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.47%
Deep Value ETF | Deep Value ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.90%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.44%
[1] The Fund's investment adviser has agreed to waive 21 basis points (0.21%) of its management fees for the Fund until at least December 31, 2019. This agreement may be terminated only by, or with the consent of, the Fund's Board of Trustees.
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Loncar Cancer Immunotherapy ETF
Loncar Cancer Immunotherapy ETF
Investment Objective
The Loncar Cancer Immunotherapy ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Loncar Cancer Immunotherapy Index (the “Index”).
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Loncar Cancer Immunotherapy ETF
Loncar Cancer Immunotherapy ETF
Management Fees 0.79%
Distribution and/or Service (12b-1) Fees none
Other Expenses none
Total Annual Fund Operating Expenses 0.79%
Expense Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
Loncar Cancer Immunotherapy ETF | Loncar Cancer Immunotherapy ETF | USD ($) 81 252
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 78% of the average value of its portfolio.
Principal Investment Strategies
The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index.

Loncar Cancer Immunotherapy Index

The Index is composed of the common stock of approximately 25 pharmaceutical or biotechnology companies identified by Loncar Investments, LLC (“Loncar” or the “Index Provider”), the Fund’s index provider, as having a high strategic focus on the development of drugs that harness the body’s own immune system to fight cancer (“immunotherapy”). Loncar identifies companies with a high strategic focus on cancer immunotherapy (“Immunotherapy Companies”) based on whether they meet one or more of the following criteria:

(i)
The company has a cancer immunotherapy drug(s) approved by either the U.S. Food and Drug Administration or the European Medicines Agency;

(ii)
The company has a cancer immunotherapy drug(s) in the human stage of testing;

(iii)
The company has announced intentions to begin human stage testing of a cancer immunotherapy drug(s); or

(iv)
The company has announced an immunotherapy collaboration or partnership with a major pharmaceutical company.

The Index is constructed using an objective, rules-based methodology that begins with an initial universe of all pharmaceutical and biotechnology companies whose equity securities or American Depositary Receipts (“ADRs”) are listed on a U.S. exchange. The initial universe is then narrowed to include only those companies that have been determined by Loncar to be Immunotherapy Companies, that are not known to be under investigation by the SEC or any other government or regulatory entity, that have a minimum market capitalization of $100 million, and that meet certain liquidity thresholds. The Index may include small-, mid-, and large-capitalization companies.

From the remaining companies, the Index Provider then selects (i) five of the largest pharmaceutical Immunotherapy Companies, including the leading pharmaceutical company in each of the three most established and recognized categories of immunotherapy techniques (cell-based therapies, checkpoint inhibitors and targeted antibodies), plus the two other largest pharmaceutical Immunotherapy Companies, and (ii) the twenty largest biotechnology Immunotherapy Companies based on their market capitalization.

The Index is equal-weighted and is rebalanced and reconstituted on the third Tuesday of June and December. The Index was created by Loncar in March 2015 in anticipation of the commencement of operations of the Fund. Additional information about the Index is available on the Index Provider’s website at www.loncarindex.com.

The Fund’s Investment Strategy

The Fund attempts to invest all, or substantially all, of its assets in the component securities and ADRs that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s 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. 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 the Fund’s 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 generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s 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. The Fund is expected to concentrate in Immunotherapy Companies.
Principal Investment Risks
You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund—Principal Investment Risks.”

·
Depositary Receipt Risk. Depositary Receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. Depositary Receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in Depositary Receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the Depositary Receipts may not provide a return that corresponds precisely with that of the Underlying Shares.

·
Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

·
ETF Risks.

o
Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

o
Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

o
Shares of the Fund May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the Fund’s shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. Because certain securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.

o
Trading. Although Shares are listed for trading on The Nasdaq Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.

·
Foreign Companies Risk. Investments in ADRs that provide exposure to securities traded in foreign markets involve substantial risk due to limited information; different accounting, auditing and financial reporting standards; or adverse political or economic developments.

·
Immunotherapy Companies Risk. Immunotherapy Companies are highly dependent on the development, procurement and marketing of drugs and the protection and exploitation of intellectual property rights. A company’s valuation can also be greatly affected if one of its products is proven or alleged to be unsafe, ineffective or unprofitable. The stock prices of Immunotherapy Companies have been and will likely continue to be very volatile.

The costs associated with developing new drugs can be significant, and the results are unpredictable. Newly developed drugs may be susceptible to product obsolescence due to intense competition from new products and less costly generic products. Moreover, the process for obtaining regulatory approval by the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained.

Certain companies in which the Fund may invest are non-U.S. issuers whose securities or ADRs are listed on U.S. exchanges. The international operations of many Immunotherapy Companies expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations and other risks inherent to international business.

·
Non-Diversification Risk. 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.

·
Passive Investment Risk. The Fund is not actively managed and the Fund’s sub-adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology.

·
Portfolio Turnover Risk. The Fund may actively and frequently trade securities or other instruments in its portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

·
Smaller Companies Risk. The Fund may invest in the securities of smaller-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of smaller-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Smaller-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

·
Tax Risk.  To qualify for the favorable tax treatment generally available to regulated investment companies (“RICs”), the Fund must satisfy certain diversification requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets or (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. While the weighting of the Index is not inconsistent with these rules, given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund’s efforts to satisfy the diversification requirements may affect the Fund’s execution of its investment strategy and may cause the Fund’s return to deviate from that of the Index, and the Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements.  If the Fund were to fail to satisfy the diversification requirements, it could incur penalty taxes and be forced to dispose of certain assets, or it could fail to qualify as a regulated investment company.  If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

·
Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
Performance
The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1‑year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.LoncarFunds.com or by calling the Fund toll free at 1‑800‑617‑0004.
Calendar Year Total Return
Bar Chart
For the year-to-date period ended September 30, 2018, the Fund’s total return was 4.84%.

During the period of time shown in the bar chart, the Fund’s highest quarterly return was 17.84% for the quarter ended September 30, 2016 and the lowest quarterly return was –23.82% for the quarter ended March 31, 2016.
Average Annual Total Returns For the Periods Ended December 31, 2017
Average Annual Returns - Loncar Cancer Immunotherapy ETF
Label
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Loncar Cancer Immunotherapy ETF Return Before Taxes 13.09% (1.52%) Oct. 13, 2015
After Taxes on Distributions | Loncar Cancer Immunotherapy ETF Return After Taxes on Distributions 12.49% (1.82%)  
After Taxes on Distributions and Sale of Fund Shares | Loncar Cancer Immunotherapy ETF Return After Taxes on Distributions and Sale of Fund Shares 7.52% (1.26%)  
Loncar Cancer Immunotherapy Index (reflects no deduction for fees, expenses, or taxes) Loncar Cancer Immunotherapy Index (reflects no deduction for fees, expenses, or taxes) 14.05% (0.56%) Oct. 13, 2015
Standard & Poor’s 500 (S&P 500 Index) (reflects no deduction for fees, expenses, or taxes) Standard & Poor’s 500 (S&P 500 Index) (reflects no deduction for fees, expenses, or taxes) 21.83% 16.32% Oct. 13, 2015
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.

XML 24 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Loncar Cancer Immunotherapy ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Loncar Cancer Immunotherapy ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Loncar Cancer Immunotherapy ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Loncar Cancer Immunotherapy Index (the “Index”).
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 78% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 78.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index.

Loncar Cancer Immunotherapy Index

The Index is composed of the common stock of approximately 25 pharmaceutical or biotechnology companies identified by Loncar Investments, LLC (“Loncar” or the “Index Provider”), the Fund’s index provider, as having a high strategic focus on the development of drugs that harness the body’s own immune system to fight cancer (“immunotherapy”). Loncar identifies companies with a high strategic focus on cancer immunotherapy (“Immunotherapy Companies”) based on whether they meet one or more of the following criteria:

(i)
The company has a cancer immunotherapy drug(s) approved by either the U.S. Food and Drug Administration or the European Medicines Agency;

(ii)
The company has a cancer immunotherapy drug(s) in the human stage of testing;

(iii)
The company has announced intentions to begin human stage testing of a cancer immunotherapy drug(s); or

(iv)
The company has announced an immunotherapy collaboration or partnership with a major pharmaceutical company.

The Index is constructed using an objective, rules-based methodology that begins with an initial universe of all pharmaceutical and biotechnology companies whose equity securities or American Depositary Receipts (“ADRs”) are listed on a U.S. exchange. The initial universe is then narrowed to include only those companies that have been determined by Loncar to be Immunotherapy Companies, that are not known to be under investigation by the SEC or any other government or regulatory entity, that have a minimum market capitalization of $100 million, and that meet certain liquidity thresholds. The Index may include small-, mid-, and large-capitalization companies.

From the remaining companies, the Index Provider then selects (i) five of the largest pharmaceutical Immunotherapy Companies, including the leading pharmaceutical company in each of the three most established and recognized categories of immunotherapy techniques (cell-based therapies, checkpoint inhibitors and targeted antibodies), plus the two other largest pharmaceutical Immunotherapy Companies, and (ii) the twenty largest biotechnology Immunotherapy Companies based on their market capitalization.

The Index is equal-weighted and is rebalanced and reconstituted on the third Tuesday of June and December. The Index was created by Loncar in March 2015 in anticipation of the commencement of operations of the Fund. Additional information about the Index is available on the Index Provider’s website at www.loncarindex.com.

The Fund’s Investment Strategy

The Fund attempts to invest all, or substantially all, of its assets in the component securities and ADRs that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s 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. 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 the Fund’s 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 generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s 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. The Fund is expected to concentrate in Immunotherapy Companies.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration 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 expected to concentrate in Immunotherapy Companies.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund—Principal Investment Risks.”

·
Depositary Receipt Risk. Depositary Receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. Depositary Receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in Depositary Receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the Depositary Receipts may not provide a return that corresponds precisely with that of the Underlying Shares.

·
Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

·
ETF Risks.

o
Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

o
Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

o
Shares of the Fund May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the Fund’s shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. Because certain securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.

o
Trading. Although Shares are listed for trading on The Nasdaq Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.

·
Foreign Companies Risk. Investments in ADRs that provide exposure to securities traded in foreign markets involve substantial risk due to limited information; different accounting, auditing and financial reporting standards; or adverse political or economic developments.

·
Immunotherapy Companies Risk. Immunotherapy Companies are highly dependent on the development, procurement and marketing of drugs and the protection and exploitation of intellectual property rights. A company’s valuation can also be greatly affected if one of its products is proven or alleged to be unsafe, ineffective or unprofitable. The stock prices of Immunotherapy Companies have been and will likely continue to be very volatile.

The costs associated with developing new drugs can be significant, and the results are unpredictable. Newly developed drugs may be susceptible to product obsolescence due to intense competition from new products and less costly generic products. Moreover, the process for obtaining regulatory approval by the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained.

Certain companies in which the Fund may invest are non-U.S. issuers whose securities or ADRs are listed on U.S. exchanges. The international operations of many Immunotherapy Companies expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations and other risks inherent to international business.

·
Non-Diversification Risk. 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.

·
Passive Investment Risk. The Fund is not actively managed and the Fund’s sub-adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology.

·
Portfolio Turnover Risk. The Fund may actively and frequently trade securities or other instruments in its portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

·
Smaller Companies Risk. The Fund may invest in the securities of smaller-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of smaller-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Smaller-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

·
Tax Risk.  To qualify for the favorable tax treatment generally available to regulated investment companies (“RICs”), the Fund must satisfy certain diversification requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets or (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. While the weighting of the Index is not inconsistent with these rules, given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund’s efforts to satisfy the diversification requirements may affect the Fund’s execution of its investment strategy and may cause the Fund’s return to deviate from that of the Index, and the Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements.  If the Fund were to fail to satisfy the diversification requirements, it could incur penalty taxes and be forced to dispose of certain assets, or it could fail to qualify as a regulated investment company.  If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

·
Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
Risk Lose Money [Text] rr_RiskLoseMoney You can lose money on your investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1‑year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.LoncarFunds.com or by calling the Fund toll free at 1‑800‑617‑0004.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information indicates some of the risks of investing in the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1‑800‑617‑0004
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.LoncarFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
For the year-to-date period ended September 30, 2018, the Fund’s total return was 4.84%.

During the period of time shown in the bar chart, the Fund’s highest quarterly return was 17.84% for the quarter ended September 30, 2016 and the lowest quarterly return was –23.82% for the quarter ended March 31, 2016.
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date period
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.84%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.84%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (23.82%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns For the Periods Ended December 31, 2017
Loncar Cancer Immunotherapy ETF | Loncar Cancer Immunotherapy Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Loncar Cancer Immunotherapy Index (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 14.05%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception (0.56%)
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 13, 2015
Loncar Cancer Immunotherapy ETF | Standard & Poor’s 500 (S&P 500 Index) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Standard & Poor’s 500 (S&P 500 Index) (reflects no deduction for fees, expenses, or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 16.32%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 13, 2015
Loncar Cancer Immunotherapy ETF | Loncar Cancer Immunotherapy ETF  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.79%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.79%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 81
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 252
Annual Return 2016 rr_AnnualReturn2016 (25.36%)
Annual Return 2017 rr_AnnualReturn2017 13.09%
Label rr_AverageAnnualReturnLabel Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 13.09%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception (1.52%)
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 13, 2015
Loncar Cancer Immunotherapy ETF | Loncar Cancer Immunotherapy ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.49%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception (1.82%)
Loncar Cancer Immunotherapy ETF | Loncar Cancer Immunotherapy ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.52%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception (1.26%)
XML 25 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loncar China BioPharma ETF
Loncar China BioPharma ETF
Investment Objective
The Loncar China BioPharma ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the Loncar China BioPharma Index (the “Index”).
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Loncar China BioPharma ETF
Loncar China BioPharma ETF
Management Fees 0.79%
Distribution and/or Service (12b-1) Fees none
Other Expenses none [1]
Total Annual Fund Operating Expenses 0.79%
[1] Estimated for the current fiscal year.
Expense Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Loncar China BioPharma ETF | Loncar China BioPharma ETF | USD ($) 81 252 439 978
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal period August 14, 2018 (commencement of operations) through August 31, 2018, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.
Principal Investment Strategy
The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index was developed in 2018 by Loncar Investments LLC, the Fund’s index provider (“Loncar” or the “Index Provider”), and seeks to track the performance of a modified equal-weighted portfolio of companies directly involved in the growth of China’s pharmaceutical and biotech related industries (China’s “biopharma sector”). The Index includes pharmaceutical companies, biotech companies, drug manufacturers, diagnostics companies, wholesalers or distributors of biopharma products, and biopharma service providers (“Biopharma Companies”).

Loncar China BioPharma Index

The Index is constructed from the universe of Nasdaq- or Hong Kong Stock Exchange-listed companies identified by the Index methodology as Biopharma Companies. To maintain a focus on innovation in the Chinese biopharma sector, companies in the Index universe are screened to eliminate those that focus strictly on manufacturing active pharmaceutical ingredients. The remaining companies are then screened according to the Index rules to include only companies (i) whose principal corporate headquarters is in China or (ii) for which at least 51% of the value of their product revenue and pipeline is tied directly to the Chinese market (such remaining companies, “China Biopharma Companies”).

The pool of China Biopharma Companies is then screened for investibility leaving only companies having a market capitalization of at least USD$200 million, meeting a minimum liquidity threshold, and that are not publicly known to currently be under formal investigation by a government or regulatory entity.

At the time of each reconstitution of the Index on the second Monday of each February and August (beginning in February 2019), each constituent is weighted equally, subject to the following adjustments applied depending on a company’s market capitalization to emphasize the role of larger companies in the Index:

Market Capitalization (USD$)
 
Weight Adjustment Factor
$10 billion or more
 
140%
Between $1 billion and $10 billion
 
100%
From $200 million to $1 billion
 
70%

As of November 14, 2018, the Index contained 28 companies, 6 of which were listed on Nasdaq and 22 of which were listed on the Hong Kong Stock Exchange. As of November 14, 2018, the three largest components of the Index were Sinopharm Group Co Ltd (6.41%), CSPC Pharmaceutical Group Ltd (4.97%), and SSY Group (4.94%).

The Fund’s Investment Strategy

The Fund attempts to invest all, or substantially all, of its assets in the component securities and depositary receipts that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index or in depositary receipts representing such component securities. Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s 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 proportion 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 the Fund’s 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 generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s 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. The Adviser expects that the Index, and consequently the Fund, will generally be concentrated in the securities of biotech and pharmaceutical companies.
Principal Investment Risks
You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund—Principal Investment Risks.”

·
China Biopharma Risk. The biopharmaceutical industry in China is strictly regulated and changes in such regulations, including banning or limiting certain products, may have a material adverse effect on the operations, revenues, and profitability of Biopharma Companies. The laws and regulations applicable to the process of administrative approval of medicine and its production in China require entities producing biopharma products to comply strictly with certain standards and specifications promulgated by the government. In the event that a product is discovered to be not compliant with the government’s standards and specifications, the health department may revoke its approval of such product, or otherwise limit the use of such product. Additionally, the process of conducting research and various tests on new products before obtaining a new medicine certificate from the National Medical Products Administration (“NMPA”) and subsequent procedures may take several years, and the price of certain biopharma products may be regulated in China. Changes in these laws and regulations, including banning or limiting certain products, could have a material adverse effect on the operations, revenues, and profitability of Biopharma Companies held by the Fund.

·
Currency Exchange Rate Risk. The Fund’s assets include investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

·
Depositary Receipt Risk. Depositary Receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. Depositary Receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in Depositary Receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the Depositary Receipts may not provide a return that corresponds precisely with that of the Underlying Shares.

·
Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

·
ETF Risks.

o
Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

o
Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

o
Shares of the Fund May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the Fund’s shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. Because certain securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.

o
Trading. Although Shares are listed for trading on The Nasdaq Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.

·
Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

·
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, such as China, it is more likely to be impacted by events or conditions affecting that country or region.

o
China-Specific Risk. Investments in Chinese issuers subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political, and social instability. China is a developing market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over the past 25 years, the Chinese government has undertaken reform of economic and market practices and is expanding the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility, and pricing anomalies resulting from governmental influence, a lack of publicly available information, and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations, and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.

·
Geopolitical Risk. Some countries and regions in which the Fund invests have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact the Fund’s investments.

·
Market Capitalization Risk

o
Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

o
Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole.

o
Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

·
New Fund Risk. The Fund is a recently organized, non-diversified management investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision.

·
Non-Diversification Risk. 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.

·
Passive Investment Risk. The Fund is not actively managed and the Fund’s sub-adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology.

·
Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

·
Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund’s investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated. The Fund may be susceptible to an increased risk of loss, including losses due to adverse occurrences affecting the Fund more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities of a particular industry, group of industries, or sector. A significant portion of the Fund’s assets will be invested in the biotechnology and pharmaceutical industries, which expose the Fund to the risks of the following sector:

o
Healthcare Sector Risk. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines, and an increased emphasis on the delivery of healthcare through outpatient services.

The costs associated with developing new drugs can be significant, and the results are unpredictable. Newly developed drugs may be susceptible to product obsolescence due to intense competition from new products and less costly generic products. Moreover, the process for obtaining regulatory approval by the U.S. Food and Drug Administration (“FDA”), NMPA, or other foreign or domestic governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained. The values of many companies in the health care sector are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information, and the profitability of these companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights.

·
Tax Risk. To qualify for the favorable tax treatment generally available to a regulated investment company (“RIC”), the Fund must satisfy, among other requirements described in the SAI, certain diversification requirements. Given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could be eligible for relief provisions if the failure is due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If the Fund were to fail to qualify as a RIC for a tax year, and the relief provisions are not available, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In such case, its shareholders would be taxed as if they received ordinary dividends, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.

·
Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
Performance
The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is also available on the Fund’s website at www.loncarfunds.com.
XML 26 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Loncar China BioPharma ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Loncar China BioPharma ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Loncar China BioPharma ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the Loncar China BioPharma Index (the “Index”).
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal period August 14, 2018 (commencement of operations) through August 31, 2018, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate none
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions This table and the example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index was developed in 2018 by Loncar Investments LLC, the Fund’s index provider (“Loncar” or the “Index Provider”), and seeks to track the performance of a modified equal-weighted portfolio of companies directly involved in the growth of China’s pharmaceutical and biotech related industries (China’s “biopharma sector”). The Index includes pharmaceutical companies, biotech companies, drug manufacturers, diagnostics companies, wholesalers or distributors of biopharma products, and biopharma service providers (“Biopharma Companies”).

Loncar China BioPharma Index

The Index is constructed from the universe of Nasdaq- or Hong Kong Stock Exchange-listed companies identified by the Index methodology as Biopharma Companies. To maintain a focus on innovation in the Chinese biopharma sector, companies in the Index universe are screened to eliminate those that focus strictly on manufacturing active pharmaceutical ingredients. The remaining companies are then screened according to the Index rules to include only companies (i) whose principal corporate headquarters is in China or (ii) for which at least 51% of the value of their product revenue and pipeline is tied directly to the Chinese market (such remaining companies, “China Biopharma Companies”).

The pool of China Biopharma Companies is then screened for investibility leaving only companies having a market capitalization of at least USD$200 million, meeting a minimum liquidity threshold, and that are not publicly known to currently be under formal investigation by a government or regulatory entity.

At the time of each reconstitution of the Index on the second Monday of each February and August (beginning in February 2019), each constituent is weighted equally, subject to the following adjustments applied depending on a company’s market capitalization to emphasize the role of larger companies in the Index:

Market Capitalization (USD$)
 
Weight Adjustment Factor
$10 billion or more
 
140%
Between $1 billion and $10 billion
 
100%
From $200 million to $1 billion
 
70%

As of November 14, 2018, the Index contained 28 companies, 6 of which were listed on Nasdaq and 22 of which were listed on the Hong Kong Stock Exchange. As of November 14, 2018, the three largest components of the Index were Sinopharm Group Co Ltd (6.41%), CSPC Pharmaceutical Group Ltd (4.97%), and SSY Group (4.94%).

The Fund’s Investment Strategy

The Fund attempts to invest all, or substantially all, of its assets in the component securities and depositary receipts that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index or in depositary receipts representing such component securities. Exchange Traded Concepts, LLC (“ETC” or the “Adviser”), the Fund’s investment adviser, expects that, over time, the correlation between the Fund’s 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 proportion 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 the Fund’s 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 generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s 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. The Adviser expects that the Index, and consequently the Fund, will generally be concentrated in the securities of biotech and pharmaceutical companies.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration 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 Adviser expects that the Index, and consequently the Fund, will generally be concentrated in the securities of biotech and pharmaceutical companies.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund—Principal Investment Risks.”

·
China Biopharma Risk. The biopharmaceutical industry in China is strictly regulated and changes in such regulations, including banning or limiting certain products, may have a material adverse effect on the operations, revenues, and profitability of Biopharma Companies. The laws and regulations applicable to the process of administrative approval of medicine and its production in China require entities producing biopharma products to comply strictly with certain standards and specifications promulgated by the government. In the event that a product is discovered to be not compliant with the government’s standards and specifications, the health department may revoke its approval of such product, or otherwise limit the use of such product. Additionally, the process of conducting research and various tests on new products before obtaining a new medicine certificate from the National Medical Products Administration (“NMPA”) and subsequent procedures may take several years, and the price of certain biopharma products may be regulated in China. Changes in these laws and regulations, including banning or limiting certain products, could have a material adverse effect on the operations, revenues, and profitability of Biopharma Companies held by the Fund.

·
Currency Exchange Rate Risk. The Fund’s assets include investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

·
Depositary Receipt Risk. Depositary Receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. Depositary Receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in Depositary Receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the Depositary Receipts may not provide a return that corresponds precisely with that of the Underlying Shares.

·
Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

·
ETF Risks.

o
Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

o
Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

o
Shares of the Fund May Trade at Prices Other Than NAV. As with all exchange traded funds (“ETFs”), Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the Fund’s shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. Because certain securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.

o
Trading. Although Shares are listed for trading on The Nasdaq Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.

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Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

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Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, such as China, it is more likely to be impacted by events or conditions affecting that country or region.

o
China-Specific Risk. Investments in Chinese issuers subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political, and social instability. China is a developing market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over the past 25 years, the Chinese government has undertaken reform of economic and market practices and is expanding the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility, and pricing anomalies resulting from governmental influence, a lack of publicly available information, and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations, and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.

·
Geopolitical Risk. Some countries and regions in which the Fund invests have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact the Fund’s investments.

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Market Capitalization Risk

o
Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

o
Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole.

o
Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

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New Fund Risk. The Fund is a recently organized, non-diversified management investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision.

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Non-Diversification Risk. 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.

·
Passive Investment Risk. The Fund is not actively managed and the Fund’s sub-adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology.

·
Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

·
Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund’s investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated. The Fund may be susceptible to an increased risk of loss, including losses due to adverse occurrences affecting the Fund more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities of a particular industry, group of industries, or sector. A significant portion of the Fund’s assets will be invested in the biotechnology and pharmaceutical industries, which expose the Fund to the risks of the following sector:

o
Healthcare Sector Risk. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines, and an increased emphasis on the delivery of healthcare through outpatient services.

The costs associated with developing new drugs can be significant, and the results are unpredictable. Newly developed drugs may be susceptible to product obsolescence due to intense competition from new products and less costly generic products. Moreover, the process for obtaining regulatory approval by the U.S. Food and Drug Administration (“FDA”), NMPA, or other foreign or domestic governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained. The values of many companies in the health care sector are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information, and the profitability of these companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights.

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Tax Risk. To qualify for the favorable tax treatment generally available to a regulated investment company (“RIC”), the Fund must satisfy, among other requirements described in the SAI, certain diversification requirements. Given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could be eligible for relief provisions if the failure is due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If the Fund were to fail to qualify as a RIC for a tax year, and the relief provisions are not available, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In such case, its shareholders would be taxed as if they received ordinary dividends, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.

·
Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
Risk Lose Money [Text] rr_RiskLoseMoney You can lose money on your investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is also available on the Fund’s website at www.loncarfunds.com.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund is new and therefore does not have a performance history for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.loncarfunds.com
Loncar China BioPharma ETF | Loncar China BioPharma ETF  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.79%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets none [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.79%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 81
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 252
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 439
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 978
[1] Estimated for the current fiscal year.
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Prospectus Date rr_ProspectusDate Dec. 31, 2018
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