Fund Description: REX Gold Hedged S&P 500 ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Exchange Traded Concepts Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The REX Gold Hedged S&P 500 ETF seeks to outperform the total return performance of the S&P 500 Dynamic Gold Hedged Index (the Benchmark) by actively hedging the returns of the S&P 500 Index using gold futures. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. Accordingly, the ETF’s sub-advisor, Vident Investment Advisory, LLC, subject to the oversight of the Advisor and the Board, has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. INDEX DESCRIPTION: The S&P 500 Dynamic Gold Hedged Index (the Benchmark) measures the total return performance of a hypothetical portfolio consisting of securities that compose the S&P 500 Index, which measures the performance of the large-capitalization sector of the U.S. equity market, and a long position in gold futures contracts, the notional value of which is comparable to the value of the Benchmark’s equity component. The Benchmark must periodically migrate out of gold futures contracts nearing expiration and into gold futures contracts that have longer remaining until expiration, a process referred to as rolling. FUND STRATEGY: The Fund seeks to achieve its investment objective of outperforming the Benchmark by providing exposure to a gold-hedged U.S. large-cap portfolio using a quantitative, rules-based strategy. The Fund will invest primarily in (i) large-cap U.S. stocks; (ii) gold futures, (iii) ETFs and exchange-traded closed-end funds that provide exposure to large-cap U.S. stocks, (iv) ETFs or exchange-traded notes (ETNs) that provide exposure to gold, and (v) futures that provide exposure to the S&P 500 Index. The Fund will also invest in fixed income instruments such as Treasury securities and other high-quality, short duration fixed income instruments, money market instruments, cash and cash equivalents to provide liquidity and collateralize its futures contracts. Under normal circumstances, the Fund seeks to achieve a similar level of volatility as that of the Benchmark, although there is no assurance it will do so. Under normal market conditions, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) will be invested in equity securities of companies included in the S&P 500 Index or in instruments that have economic characteristics similar to those equity securities on the S&P 500 Index. The Fund may hold futures contracts directly, but the Fund expects to gain exposure to futures contracts and commodity-linked instruments principally by investing up to 25% of its total assets, as measured at the end of every quarter of the Fund’s taxable year, in a wholly-owned and controlled Cayman Islands subsidiary (the Subsidiary) advised by the Adviser. The Fund’s investment in the Subsidiary is primarily intended to provide the Fund with exposure to the price of gold. The Fund’s investment in the Subsidiary is expected to provide the Fund with an effective means of obtaining exposure to the commodities markets in a manner consistent with U.S. federal tax law requirements applicable to registered investment companies. FUND MANAGEMENT: Exchange Traded Concepts, LLC serves as the investment adviser to the Fund. Vident Investment Advisory, LLC serves as sub-adviser to the Fund.