Fund Description: REX VolMAXX Inverse VIX Weekly Futures Strategy 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 VolMAXX Inverse VIX Weekly Futures Strategy ETF seeks to provide investors with inverse exposure to the implied volatility of the broad-based, large-cap U.S. equity market. 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. FUND STRATEGY: The Fund seeks to achieve its investment objective, under normal circumstances, by obtaining investment exposure to an actively managed portfolio of short positions in futures contracts based on the Chicago Board Options Exchange, Inc. (CBOE) Volatility Index (the VIX Index) (VIX Futures Contracts) with weekly and monthly expirations. The value of the Fund’s Shares relates directly to the value of, and realized profit or loss from, the financial instruments and other assets held by the Fund, including VIX Futures Contracts. Fluctuations in the price of these financial instruments or assets could materially adversely affect an investment in the Fund. The Fund expects to primarily take short positions in VIX Futures Contracts with less than one month to expiration, but may take short positions in VIX Futures Contracts with longer durations. The VIX Index seeks to measure the market’s current expectation of 30-day volatility of the S&P 500 Index, as reflected by the prices of near-term S&P 500 options. The market’s current expectation of the possible rate and magnitude of movements in an index is commonly referred to as the implied volatility of the index. Because S&P 500 options derive value from the possibility that the S&P 500 may experience movement before such options expire, the prices of near-term S&P 500 options are used to calculate the implied volatility of the S&P 500. Unlike many indexes, the VIX Index is not an investable index. Rather, the VIX Index serves as a market volatility forecast. The Fund does not seek to track the performance of the VIX Index or the S&P 500 and, in fact, can be expected to perform very differently from the VIX Index over all periods of time. The value of a VIX Futures Contract is based on the expected reading of the VIX Index at the expiration of such VIX Futures Contract, and therefore represents forward implied volatility of the S&P 500 over the 30-day period following the expiration of the VIX Futures Contracts. The Fund expects to gain exposure to VIX Futures Contracts, which are considered commodities, primarily 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). Unlike the Fund, the Subsidiary may invest to a greater extent in commodities, including VIX Futures Contracts, than the Fund. The Subsidiary generally will invest in short positions in VIX Futures Contracts and will periodically buy VIX Futures Contracts to unwind a portion of its short positions. The Subsidiary may also invest in other commodity futures, option, and swap contracts; fixed income securities; pooled investment vehicles and other investments intended to serve as margin or collateral for the Subsidiary’s derivatives positions. The Fund may also invest in (1) swap agreements that provide exposure to VIX Futures Contracts; (2) exchange-traded funds (ETFs), exchange-traded closed-end funds, other investment companies registered under the 1940 Act, and other pooled investment vehicles (collectively, Underlying Funds) that provide exposure to VIX Futures Contracts; (3) exchange-traded notes (ETNs) that provide exposure to VIX Futures Contracts; and (4) fixed income securities (namely, commercial paper and U.S. government obligations), bank instruments, cash, and other cash equivalents to collateralize its exposure to the VIX Futures Contracts and for investment purposes. The Fund may also take short positions with respect to ETFs and/or ETNs that provide exposure to VIX Futures Contracts. 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. The Subsidiary is advised by the Adviser, managed on a day-to-day basis by Vident Investment Advisory, LLC (the Sub-Adviser), and has the same investment objective as the Fund.