EV provides exposure to a niche industry, battery recycling and production. It is anticipated that the expansion of the electric vehicle market will increase the demand for secondary batteries. As a result, battery recycling would play a vital role in mitigating supply shortages of raw materials such as lithium, nickel, and cobalt. EV tracks a global concentrated index of the largest companies involved in the global battery recycling, battery raw materials, and battery manufacturing. The index is weighted more heavily towards those names in the battery recycling space. Names in the battery manufacturing and raw materials are equally weighted. The fund may lend up to one-third of the portfolio securities to generate income.