ION is a passively managed ETF that provides exposure to companies engaged in the mining of metals used in battery production. The portfolio is comprised of stocks and depositary receipts that had positive total revenue and production value (dollar market value) from the mining of lithium, nickel, and cobalt during the prior year. Companies could be of any market capitalization from both developed and emerging countries. Using a mathematical approach, the fund determines the type, quantity, and mix of investment positions that are expected to produce returns. Weighting is set to each securitys ranking based on production-value-to-revenue ratio divided by the sum of all ranks. A basket liquidity maximum weight is calculated to determine security capping, with excess amounts redistributed across the portfolio. The index is reweighted quarterly in January, April, July, and October, with annual reconstitution every July.

Sigma Lithium Corporation

Elevance Health Inc.

Sociedad Química y Minera de Chile S.A.

Apollo Commercial Real Estate Finance, Inc.

Albemarle Corporation

Aberdeen Intermediate Income Fund

Valaris Limited

Affiliated Managers Group, Inc.

American Airlines Group Inc.

Cash & Others

Financial Services

Basic Materials

Healthcare

Energy

Real Estate

Industrials

ProShares S&P Global Core Battery Metals ETF

ION Holdings & Sector Breakdown