The Mid-Infrared ELT Imager and Spectrograph (METIS) is one of the first generation science instruments on ESO's 39m Extremely Large Telescope (ELT). METIS will provide diffraction-limited imaging and medium resolution slit-spectroscopy from 3 – 13 microns (L, M, and N bands), as well as high resolution (R ~ 100,000) integral field spectroscopy from 2.9 – 5.3 microns. After passing its preliminary design review (PDR) in May 2019, and the final design review (FDR) of its optical system in June 2021, METIS is now preparing for the FDR of its entire system in the fall of 2022, while the procurements of many optical components have already started. First light at the telescope is expected in 2028, after a comprehensive assembly integration and test phase. We describe the conceptual setup of METIS, its key functional components, and the resulting observing modes. Last but not least, we present the expected sensitivity, adaptive optics, and high contrast imaging performance.
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